It is half of the 'total amount payable'

Not half the repayments cos they dont allow for deposit etc.

And officially it doesnt affect your credit rating, unofficially - it gets noted

As long as you've paid 50% of the payments, you can do it.

I've just done this, no adverse affec on credit rating ( although it was utterly wank anyway so it's hard to tell)

Have to pay £80 for 'unreasonable damage' but I'm disputing £45 of that now.

As far as I can see, there is no downside. It's a clause in the contract which is there to be exploited.

this is what was in my contract also.

iirc it was pretty much pay half the car off, give the car back to them and they can't chase you for any money, and you won't get a black marker on your credit file.

may be wrong but it was 4 years ago now.

I thought it was only on HP but essentially once you have paid half the payments on the car, you can just give the car back. You don't get anything for it though of course.

The head chef at work the other day was talking about the 5 year finance he had on his Ford Focus (poor man) and about what he was planning when he'd paid it off etc. when he mentioned voluntary termination. Supposedly a family member of his, after paying off half the amount she owed, was eigible for this 'voluntary termination'. He did try to explain how it worked but don't think he quite understood himself, can anyone on here tell me how it works? I've never heard of it before