Under UK law, you have the right to voluntarily terminate your finance agreement and hand the vehicle back as long as you have repaid 50% of the total amount payable (not just of the amount borrowed, you need to include interest and fees, and the balloon payment on a PCP as well). If you’ve not already paid 50%, you can also choose to make a one-off payment to make up the difference.
You’ll need to contact your finance company to kick-start this process, but you’ll be able to find the total amount payable and the termination amount on your car finance contract. Keep in mind that if your car has any damage – beyond everyday wear and tear – you may also face additional charges.
When you’re ready to find finance again, get a quote to find out more. Rates from 7.9% APR. Representative APR 21.9%.
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