I'm afraid that RT is totally wrong in his posting. Under the Voluntary Termination law within the Consumer Credit Act, you have to have paid half of the "Total Purchase Price" which includes the Cash Price of the car, all Interest and all fees payable under the Agreement. Therefore this includes the optional final instalment (or Optional Final payment).

(Additionally, this law only applies to Consumers and excludes Limited Companies and Partnerships of more than 3 individuals.)

Assuming you are a private Consumer, in your case, half the Total Purchase Price is £21,250, so you cannot excercise your right to Voluntary Termination until you have paid that amount. This figure will be prominently displayed on your signed Agreement.

This value includes all instalments paid by you as well as any deposit paid and any front-end Fees. Read the Agreement!

Then I stand corrected.

Leaseman is correct.

Its a misunderstanding of some buyers which take a PCP that they are only borrowing the full cost less GFV so only need to pay half this amount back before VT.

In reality the full cost less deposit is borrowed an interest charged on that amount, but an element of the capital repayment is deferred which reduces the monthly cost to tempt buyers.

The "voluntary termination" of the agreement actually comes at the end of the term if you choose not to pay the balloon.

OP will need to get a settlement figure to get out of the deal.