Yes, if you need to end an HP or PCP deal early for any reason, you have options:
Settlement Figure – you can pay off your finance at any time by requesting a settlement figure from your lender. This will usually be made up of any remaining payments, minus future interest, and including your final balloon payment in a PCP. Once this amount is paid, you’ll be the car’s legal owner. An early termination charge might also apply.
Voluntary Termination – voluntary termination is a legal right, set out under Section 99 of the Consumer Credit Act 1974, that allows you to end your loan and hand the car back to your lender at any point. You just need to tell the lender you want to voluntarily terminate and return the car. It is important to note you will need to pay 50% of the total amount payable (including the balloon payment in a PCP). If you’ve made some payments but not yet reached this point, you will need to pay the difference and if you’ve already paid over 50%, you can return the car without needing to pay any more money. Extra charges might apply if the car is damaged beyond fair wear and tear.
Ending a lease early can be expensive, but it can be done. You’ll likely be tied into a long-term contract and breaking that comes with fees that could be up to 50% of your remaining payments, as well as an early termination charge.