CarExamer

Did you know you may have the right to voluntarily terminate your car finance?

If your financed car has become unreliable, is costing you a fortune in repairs, or you're simply no longer happy with it, you may be able to end your agreement early through Voluntary Termination (VT).

If you've paid at least 50% of the total amount payable under a regulated HP or PCP agreement, UK law may allow you to return the vehicle without paying the remaining finance (provided you've taken reasonable care of it).

Don't confuse this with depreciation. Every used car loses value over time, and a drop in value alone isn't usually a good reason to exercise VT. The real benefit is being able to exit an agreement when the vehicle no longer suits your needs or has become unreliable.

Before making any decision, check your finance agreement to see how much you need to have paid before you qualify.

Have questions about Voluntary Termination? Feel free to ask in the comments.

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