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Voluntary Termination (VT)

What is Voluntary Termination?

Tim Carpenter

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 6.9% APR. Representative APR 24.9%.

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No impact on your credit score Rates from 6.9% APR. Representative APR 24.9%

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5 years
Total cost of credit £ 2000
Total repayment £ 2000
48 monthly
payments of
£ 245 98
Get a quote
No impact on your credit score

Rates from 6.9%: the exact rate you will be offered will be based on your circumstances, subject to status.

Representative example: borrowing £6,500 over 5 years with a representative APR of 24.9%, an annual interest rate of 24.9% (Fixed) and a deposit of £0.00, the amount payable would be £181.16 per month, with a total cost of credit of £4,369.52 and a total amount payable of £10,862.52.

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Voluntary Termination of Car Finance

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CarFinance 247 is a trading name of CarFinance 247 Limited, a credit broker and insurance intermediary, and 247 Money Group Limited (247 Money), a lender. Both companies are part of the 247 group of companies.

CarFinance 247 is authorised and regulated by the Financial Conduct Authority under reference number: 653019. Registered office: Universal Square, Devonshire Street North, Manchester, M12 6JH. Registered in England. Company registration no. 06035525. Data Protection Registration Number Z1897658.

247 Money is authorised and regulated by the Financial Conduct Authority. Registered office: Universal Square, Devonshire Street North, Manchester, M12 6JH. Registered in England. Company registration no. 10989530. Data Protection Registration Number ZA456831.

All finance is subject to status and income. Written quotations on request. CarFinance 247 can introduce you to a limited number of finance providers, including 247Money, based upon your credit rating and will receive commission for such introductions.

† We do not charge a fee for arranging the finance, however some of our lenders may charge a fee. Your account manager can provide more information on this

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