UK car loans: the little-known clause that means you could walk away from your deal

UK car loans: the little-known clause that means you could walk away from your deal

The right to voluntary termination allows the buyer to escape the agreement provided they have repaid 50% of the total amount due

If you are one of the thousands of people across the UK struggling to meet their car finance repayments, are you aware you can give the vehicle back and walk away debt-free once you have repaid half the amount owed?

Car finance payments are typically the second-largest household expense after mortgage costs, and the car industry is nervously waiting to see how many people struggling with the cost of living default on loans, or use a little-known clause to voluntarily terminate their agreement.

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