The Rapido 696F motorhome was commonly sold on Personal Contract Purchase (PCP) and Hire Purchase (HP) finance agreements during the Financial Conduct Authority's (FCA) investigation period, which spans from 6 April 2007 to 1 November 2024. This period saw millions of car buyers being affected by potentially unfair motor finance practices that involved discretionary commission arrangements between lenders and dealers.
How the Rapido 696F was Typically Financed
The Rapido 696F, a popular self-propelled motorhome model, is often financed through PCP agreements with terms ranging from 48 to 120 months. Typical finance amounts for this vehicle range between £40,000 and £80,000 (FCA estimate). Common lenders providing finance for the Rapido 696F include
Black Horse,
Close Brothers Motor Finance,
Lombard, and Billing Finance.
Under PCP agreements, a balloon payment is often required at the end of the term to cover the remaining value of the motorhome. This final lump sum can be significant, especially if the agreement was not structured fairly or transparently.
The FCA Motor Finance Investigation
The FCA's investigation into motor finance uncovered that millions of consumers were affected by discretionary commission arrangements between lenders and dealers. According to the FCA estimate, 12.1 million eligible agreements (FCA, March 2026) across the UK were potentially impacted, resulting in an estimated total overcharge of £7.5 billion (FCA, March 2026). The average consumer could have been overcharged by around £829 (FCA estimate).
These arrangements allowed dealers and brokers to receive additional commissions based on the customer's choice of finance product. This created a potential conflict of interest, as advisors might have recommended more expensive deals than necessary.
How to Check Your Agreement Look for any mention of a Discretionary Commission Arrangement (DCA) or similar terminology that indicates additional payments to dealers based on your choice of finance product.
Relevant dates to consider are from 6 April 2007 to 1 November 2024, as agreements falling within this timeframe may be subject to the FCA's findings. if you notice unusually high fees or charges that seem unrelated to the standard cost of financing a motorhome, it could indicate an issue with your agreement.
If you suspect that your finance agreement for the Rapido 696F was affected by unfair practices during the investigation period, you can complain directly to your lender without needing a
claims management company. Common lenders providing finance for this model include Black Horse, Close Brothers Motor Finance, Lombard, and Billing Finance.
You do not need a claims management company; you can file a complaint yourself at no cost. Your lender is required by law to address any valid complaints regarding unfair motor finance practices promptly and fairly.
Towed caravans are NOT covered by the FCA motor finance scheme. Only self-propelled motorhomes with their own engine and drivetrain, like the Rapido 696F, are in scope for the FCA investigation.
Sources and References
- Financial Conduct Authority (2024)
- Office of National Statistics Census (2021)