The decision, first reported by The Sun, comes after the This Morning host, along with co-presenter Holly Willoughby, were last month accused of queue jumping to pay respects to the Queen at Westminster Hall.
We Buy Any Car is reportedly filming new adverts this week without Schofield, 60.
The host also no longer appears on the company’s website. The marketing role is believed to have been worth an estimated £1 million.
It comes after the This Morning hosts insisted they would “never jump a queue” as they addressed their controversial visit to see the Queen lying in state.
Programme bosses later said in a statement the hosting duo had attended to film a segment for the ITV show.
Memes involving Schofield went viral in the wake of the public backlash, with branding changed to ‘We Jump Any Queue’ in a flood of social posts.
We Buy Any Car has indicated the decision to end its involvement with Schofield was not connected to events surrounding the Queen’s lying-in-state.