Make camera fixed, to freelook, back to fixed.

Yep. You can set camera restriction in CameraManager. It will determine what view angles are allowed for Camera. Create new BP class CameraManager then select this CameraManager BP in CarPawn Controller Details. This CameraManager will now affect CarPawn Camera. You can change CameraManager settings at runtime. So after button was pressed set Camera direction aligned with Car and clamp possible view angle in CameraManager. Button was pressed again - remove clamp. Does that sound good?