The Elddis CV20 motorhome was commonly sold on Personal Contract Purchase (PCP) and Hire Purchase (HP) finance agreements during the Financial Conduct Authority (FCA) investigation period, which ran from 6 April 2007 to 1 November 2024. This investigation covered a wide range of motor vehicles, including high-value recreational vehicles like the Elddis CV20, which was often financed through various lenders such as Black Horse, Close Brothers Motor Finance, Lombard, and Billing Finance.
How the Elddis CV20 Was Typically Financed
The Elddis CV20 was typically financed with Personal Contract Purchase (PCP) or Hire Purchase (HP) agreements. The typical finance amount for an Elddis CV20 ranged from £40,000 to £80,000, and the terms could vary from 48 months up to 120 months. These financing options allowed buyers to make monthly payments while retaining the option to return the vehicle at the end of the agreement or purchase it outright for a balloon payment.
In PCP agreements, buyers would usually pay a deposit upfront, followed by regular monthly payments over the term of the contract. At the end of the agreement, they could choose to either hand back the motorhome, make a final lump-sum payment (the balloon payment) and own the vehicle outright, or negotiate a new finance deal for another period.
Common lenders that provided financing for Elddis CV20s included Black Horse, Close Brothers Motor Finance, Lombard, and Billing Finance. These institutions often structured agreements to include discretionary commission arrangements, which can be problematic if not properly disclosed.
The FCA Motor Finance Investigation
The FCA investigation uncovered significant issues related to the sale of motor finance products from 6 April 2007 to 1 November 2024. One key finding was that many dealers and lenders were involved in discretionary commission arrangements, which could have led to inflated prices for customers. These practices affected an estimated 12.1 million eligible agreements (FCA, March 2026) across the UK, with a total value of £7.5 billion (FCA, March 2026). The average refund amount per agreement is estimated at around £829 (FCA estimate).
The investigation highlighted that these arrangements could have led to customers overpaying for their motorhomes and other vehicles due to undisclosed commissions being added to the finance agreements.
How to Check Your Agreement Look for references to discretionary commission arrangements or any unusual fees that were not clearly explained during the sales process. check the dates of your agreement; only agreements signed between 6 April 2007 and 1 November 2024 are in scope for the FCA investigation.
One common term you might see is "Disposal Charge Agreement" (DCA). This refers to the final balloon payment that buyers must make if they choose to retain ownership of their motorhome at the end of a PCP agreement. If your DCA seems unusually high, it could be indicative of issues with discretionary commissions.
If you suspect that your Elddis CV20 finance agreement was affected by problematic practices during the FCA investigation period, you should contact your lender directly. Common lenders providing finance for Elddis CV20s include Black Horse, Close Brothers Motor Finance, Lombard, and Billing Finance.
Your lender will be able to review your agreement and determine if there were any discrepancies or issues related to discretionary commissions. Many lenders have established processes in place to handle such complaints without the need for a claims management company. You can complain directly to your lender for free by contacting them via phone, email, or post, and providing details of your concerns.
you do not need a claims management company to lodge a complaint with your lender. Lenders are required to handle such complaints fairly and without charging additional fees.
Sources and References
- Financial Conduct Authority (FCA), 2024
- Office for National Statistics Census, 2021
Towed caravans are NOT covered by the FCA motor finance scheme. Only self-propelled motorhomes with their own engine and drivetrain are in scope for the FCA investigation.