There is a provision in most regulated agreements that rarely gets explained at the point you would want it. Here is what it is and when it applies.
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Regulated hire purchase and PCP agreements carry a right to end the agreement early. It comes from the Consumer Credit Act, not from the finance company’s goodwill.
The threshold is half of the total amount payable under the agreement, not half the payments made. That figure is printed on your agreement and includes fees and any final payment.
You return the vehicle in reasonable condition for its age and mileage. Reasonable condition is the part people underestimate, so it is worth photographing everything.
You can still end the agreement, but you would need to bring the total paid up to the halfway figure first. Some people find that cheaper than continuing; many do not.
Ending an agreement this way is recorded. It is not the same as a default, and it is not the same as settling in full either. It is worth knowing which mark you are choosing before you choose it.
No. Handing a PCP back at the end of the term is one of the ordinary end-of-agreement options. This is a right to end it early, part way through.
Written plainly, no jargon, and you can stop at any time.
Your details are stored securely. You can ask to see the record we hold, or withdraw any of these permissions, at any time.