Was your Honda MSX125 financed under a
Personal Contract Purchase (PCP) or
Hire Purchase (HP) agreement between 6 April 2007 and 1 November 2024? If so, it's important to know that these finance agreements may have been mis-sold due to practices uncovered by the Financial Conduct Authority (FCA). The Honda MSX125 was commonly sold on PCP and HP finance during this period, often involving lenders like
Black Horse,
Close Brothers Motor Finance,
MotoNovo Finance, and
Moneybarn.
How the Honda MSX125 Was Typically Financed
During the FCA investigation period, buyers who opted for a Honda MSX125 through financing typically chose Personal Contract Purchase (PCP) or Hire Purchase (HP) agreements. These agreements usually covered finance amounts ranging from £5,000 to £15,000 and had terms lasting 36 to 48 months. PCP plans often included a balloon payment at the end of the term, which is a lump sum amount you must pay to own the motorcycle outright or trade it in for another model.
Common lenders offering finance for Honda MSX125s during this period were Black Horse, Close Brothers Motor Finance, MotoNovo Finance, and Moneybarn. These companies provided financing options that allowed buyers to acquire the vehicle with manageable monthly payments but also potentially higher costs over the loan term due to additional fees and interest.
The FCA Motor Finance Investigation
The Financial Conduct Authority (FCA) conducted an investigation into motor finance practices from 6 April 2007 to 1 November 2024, focusing on
discretionary commission arrangements between lenders and retailers. This investigation revealed that many consumers were sold PCP or HP agreements at a higher cost than necessary due to these commission structures.
The FCA found that 12.1 million eligible agreements (FCA estimate) across the UK were affected by such practices, resulting in an estimated £7.5 billion (FCA, March 2026) in overcharges (FCA estimate). On average, each mis-sold agreement led to an additional cost of about £829 for consumers (FCA estimate).
How to Check Your Agreement Key indicators include:
- Date range: The agreement must have been made between 6 April 2007 and 1 November 2024.
- Lender details: Check if it was provided by one of the common lenders mentioned above (Black Horse, Close Brothers Motor Finance, MotoNovo Finance, Moneybarn).
- DCA reference: Look for any mention of "Discretionary Commission Arrangements" or similar terms in your agreement.
If you find these elements in your finance contract, there is a strong possibility that the agreement was mis-sold due to practices uncovered by the FCA investigation.
You do not need a
claims management company to address this issue. The first step is to contact your lender directly and inform them of your concerns based on the FCA findings. Here’s how you can proceed:
1.
Gather Documentation: Collect all relevant documents, including your finance agreement and any correspondence with the lender.
2.
Contact Your Lender: Reach out to the customer service department of your lender (Black Horse, Close Brothers Motor Finance, MotoNovo Finance, or Moneybarn) via phone or email.
3.
Explain the Issue: Clearly state that you are concerned about potential mis-selling based on the FCA investigation and ask for a review of your finance agreement.
4.
Follow Up: If you do not receive a response within 8 weeks, escalate your complaint by writing to their complaints department.
Remember, you can complain directly to your lender for free without involving any third parties or claims management companies.
Sources and References
- Financial Conduct Authority (FCA). "Motor Finance Market Study: Final Report." (2024)
- Close Brothers Motor Finance. Official website.
- MotoNovo Finance. Official website.
- Moneybarn. Official website.
- Black Horse. Official website.
Based on 2,611 MOT tests conducted in 2024 (source: DVSA anonymised test data), the Honda Msx has a pass rate of 90.9%. This is above the national average of 79.6%, meaning the Msx performs well in MOT testing.
The Msx pass rate is better than the overall Honda average of 82.7%. The average mileage at MOT for this model is 8,174 miles.
- MOT pass rate: 90.9%
- MOT failure rate: 9.1%
- Tests analysed: 2,611 (2024 DVSA data)
- Average mileage at test: 8,174 miles
- Honda average pass rate: 82.7%
- National average pass rate: 79.6%
Data source: DVSA anonymised MOT test results 2024, published under the Open Government Licence v3.0.