Was your Volvo EX30 sold to you on a Personal Contract Purchase (PCP) or Hire Purchase (HP) agreement between 6 April 2007 and 1 November 2024? If so, it may have been part of an investigation by the Financial Conduct Authority (FCA), which found that discretionary commission arrangements in motor finance agreements could be unfair to consumers.
How the Volvo EX30 was Typically Financed
The Volvo EX30, a compact and stylish car aimed at urban drivers, was commonly sold on PCP and HP finance agreements during its period of sale. Finance terms for these vehicles typically ranged from £15,000 to £30,000, with loan periods lasting 36-48 months. Common lenders providing finance for the EX30 included
Black Horse, Barclays Partner Finance,
Close Brothers Motor Finance,
MotoNovo Finance, and
Santander Consumer Finance.
PCP agreements often featured a balloon payment at the end of the term, which represented the estimated value of the vehicle if you decided to return it or trade it in. This final payment could be substantial and was crucial for understanding your financial obligations when choosing a finance plan.
The FCA Motor Finance Investigation
In its investigation into motor finance agreements from 6 April 2007 to 1 November 2024, the FCA uncovered that discretionary commission arrangements between car dealerships and lenders were widespread. These arrangements meant that dealers could receive additional commissions on top of their standard fees if customers chose certain financing options. This practice could have led to consumers being encouraged towards more expensive or less suitable finance plans.
According to the FCA's estimates, 12.1 million eligible agreements (FCA, March 2026) across various makes and models were potentially affected by these unfair practices, with a total value of £7.5 billion (FCA, March 2026). The average additional cost per agreement was estimated at £829 (FCA estimate).
How to Check Your Agreement Look out for phrases like "discretionary commission" or "DCA," which can indicate that your dealer may have received additional payments based on the type of financing you chose.
It is important to check if the agreement was made during the relevant period (6 April 2007 to 1 November 2024). If you find evidence suggesting your finance arrangement might be affected, it could be worthwhile to seek further advice from your lender directly for free.
You do not need a
claims management company to handle your complaint. Common lenders such as Black Horse, Barclays Partner Finance, Close Brothers Motor Finance, MotoNovo Finance, and Santander Consumer Finance all offer customer support services that can assist you with resolving any issues related to your finance agreement.
When contacting your lender, be prepared to provide details of the finance contract in question and explain why you believe it may have been affected by unfair practices. You can complain directly to your lender for free without seeking assistance from external companies.
Sources and References
- FCA: 12.1 million eligible agreements (FCA, March 2026), £7.5 billion (FCA, March 2026) total (FCA estimate), £829 average per eligible agreement
- ONS Census 2021