The Tesla Cybertruck, a futuristic electric vehicle with an angular design, was commonly sold on Personal Contract Purchase (PCP) and Hire Purchase (HP) finance agreements during the Financial Conduct Authority's (FCA) investigation period from 6 April 2007 to 1 November 2024. During this time, many Tesla Cybertruck owners may have entered into motor finance agreements that were later found to be mis-sold due to discretionary commission arrangements.
How the Tesla Cybertruck was Typically Financed
The Tesla Cybertruck was often financed through Personal Contract Purchase (PCP) and Hire Purchase (HP) agreements. Typical PCP terms ranged from 36 to 48 months, with a finance amount typically ranging between £15,000 and £30,000. Common lenders providing finance for Tesla Cybertrucks included Black Horse, Barclays Partner Finance, Close Brothers Motor Finance, MotoNovo Finance, and Santander Consumer Finance.
PCP agreements often include a balloon payment at the end of the term, which represents the remaining value of the vehicle if you decide to purchase it outright or trade it in. This final payment can be significant and is an important factor to consider when entering into such a finance agreement for your Tesla Cybertruck.
The FCA Motor Finance Investigation
The FCA launched an investigation into motor finance agreements following concerns about discretionary commission arrangements between lenders and car dealerships. These arrangements allowed dealers to receive additional payments based on the specific terms of each finance agreement, which could lead to conflicts of interest. As a result of this investigation, it was found that 12.1 million eligible agreements (FCA, March 2026). The total value of mis-sold agreements amounted to £7.5 billion (FCA, March 2026), with an average claim amount of £829 (FCA estimate).
The FCA identified that these arrangements could lead to unfair practices, such as steering customers towards higher-cost finance options or agreements with more complex terms. This investigation was aimed at ensuring fair treatment and transparency in the motor finance market.
How to Check Your Agreement Look for any mention of "Discretionary Contribution Arrangement" (DCA) or other similar terms that indicate discretionary commission payments were involved in the financing process.
Relevant dates to consider include 6 April 2007 and 1 November 2024, as these mark the start and end of the FCA's investigation period. If your agreement falls within this timeframe, it is worth investigating further whether there were any irregularities or unfair practices involved in its sale.
If you suspect that your Tesla Cybertruck finance agreement was mis-sold due to discretionary commission arrangements, you can complain directly to your lender at no cost. Common lenders who provided finance for the Tesla Cybertruck include Black Horse, Barclays Partner Finance, Close Brothers Motor Finance, MotoNovo Finance, and Santander Consumer Finance.
When contacting your lender, be sure to provide any relevant documentation that supports your case, such as copies of your agreement and correspondence with the dealership. Lenders are required by law to investigate complaints thoroughly and respond within a reasonable timeframe. You do not need a claims management company to handle this process; it can be done directly at no cost.
Sources and References
- Financial Conduct Authority (FCA). "Motor Finance: Discretionary Contribution Arrangements." [FCA estimate]
- Financial Ombudsman Service (FOS), 2024.