The Toyota GR86, a popular sports car known for its balanced performance and sleek 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. These financing arrangements were often facilitated by several major lenders, including Black Horse, Barclays Partner Finance, Close Brothers Motor Finance, MotoNovo Finance, and Santander Consumer Finance. However, many consumers who financed their GR86 through these agreements may have been affected by motor finance mis-selling practices that the FCA investigated.
How the Toyota GR86 was Typically Financed
When purchasing a new or used Toyota GR86 under a PCP agreement between 2007 and 2024, customers typically financed an amount ranging from £15,000 to £30,000 (FCA estimate). Common finance terms were 36 to 48 months, allowing buyers to make monthly payments while saving for a final balloon payment at the end of the term. This final payment is often required to own the car outright or start a new agreement.
For those choosing HP agreements, they would typically pay off the full amount over a similar period. Both finance options were popular among GR86 owners due to their flexibility and lower monthly payments compared to cash purchases.
The FCA Motor Finance Investigation
The FCA’s investigation into motor finance mis-selling revealed significant issues with discretionary commission arrangements between lenders and dealerships. These practices led to inflated finance charges for consumers, resulting in millions of affected agreements across the UK (FCA estimate). During this period, it is estimated that 12.1 million eligible agreements (FCA, March 2026) impacted, totalling £7.5 billion (FCA, March 2026) in overcharges (FCA estimate), with an average of £829 per agreement (FCA estimate).
These figures highlight how widespread and significant the mis-selling was during this time. Many consumers who financed their Toyota GR86 through PCP or HP may have unknowingly paid higher finance charges due to these practices.
How to Check Your Agreement Key indicators include:
- Relevant Dates: Agreements made between 6 April 2007 and 1 November 2024.
- Discretionary Commission Arrangements (DCA): Look for mentions of DCAs in your agreement or any correspondence with the finance provider.
If you find these elements, it is likely that your financing may have been impacted by motor finance mis-selling practices. It’s important to scrutinize your documentation carefully and consider seeking further advice if necessary.
If you suspect that your Toyota GR86 finance agreement was affected by motor finance mis-selling, the first step is to contact your lender directly. Common lenders for Toyota include Black Horse, Barclays Partner Finance, Close Brothers Motor Finance, MotoNovo Finance, and Santander Consumer Finance.
You do not need a claims management company to handle this process; you can complain directly to your lender without incurring any additional fees. Many lenders have dedicated teams to address these types of complaints and provide redress where appropriate.
When making contact, ensure that you have all relevant documentation and evidence ready. This includes copies of your finance agreement, correspondence with the lender, and any other pertinent information that supports your claim.
Sources and References
- Financial Conduct Authority (FCA) estimates on motor finance mis-selling
- Office for National Statistics (ONS) Census 2021