It is not only the revocation of real estate loans or consumer credit that offers consumers the opportunity to save money. Many car banks, including volkswagen-bank ("VW financial service") and its branches for seat, skoda and audi, did not correctly inform borrowers about the right of withdrawal. Car buyers now have the chance of a lucrative revocation!
Many consumers finance the purchase of a vehicle with a car loan. the car manufacturer’s offer to conclude financing via the company’s own bank is often used. The revocation offers consumers the possibility to get rid of the loan agreement and the old car without losses.
Update from 09. September 2021: the court of justice of the european union (eugh) today made legal history – and gave the federal court of justice (BGH) what is probably the biggest slap in the face in its existence. What will annoy germany’s highest civil court, consumers can be all the more pleased about: according to the eugh, unclear information was provided in many private loan agreements. The consequence: the revocation period for these contracts never began to run. That’s why consumers can still revoke their loan agreements even after many years (az.: C-33/20, C-155/20, C-187/20). Take this chance!
Contracts from 11. June 2010 are still revocable even after the expiry of the 14-day revocation period if the financing bank has used incorrect revocation information or if legally required mandatory information is missing from the contract. The consumer is entitled to a "perpetual right of revocation" to.
What does revocation mean for my car loan??
As a result of an effectively declared revocation, you return the used car to the financing bank. in return you will receive from the bank the installments made and your down payment back. Incidentally, the date of conclusion of the credit agreement is decisive:
kilometers driven / total ordinary mileage (typically 250 000 km, for smaller vehicles approx. 200.000 km, for large 300.000 km) * purchase price
Let’s illustrate the whole thing with an example: the consumer buys a VW golf VII with a gross purchase price in the amount of 30.000.00 euro. The purchase price is financed through the manufacturer’s bank of the car company. The vehicle is used to travel a distance of 10.000 kilometers traveled. The vehicle has an expected residual mileage of 300.000 kilometers. in case of revocation, the consumer would have to pay the bank a compensation for the use of the vehicle for the kilometers already driven in the amount of 1.000.00 euro (30.000.00 euro x 10.000 km: 300.000 km) to pay.
For the revocation of a car loan agreement since the 13.06.In 2014, the German Federal Court of Justice (BGH) issued two rulings on 27 April 2014.10.In 2020, the bank decides that a loss in value must be compensated if the revocation becomes effective. How high this loss in value is in your case cannot be said in general terms and must always be examined for the individual case. However, it should be noted in this context that the european court of justice (eugh) has not yet ruled on whether the consumer has to compensate the bank for the value of the kilometers driven and/or a loss in value for the financed vehicle. It remains to be seen how the law will develop in the future. It can by no means be ruled out that the Federal Court of Justice (also) will be taught a better lesson in this respect.
According to the current eugh ruling, many car loan agreements of recent years are revocable
In a recent ruling from 26. 3. In 2020, the european court of justice (eugh) declared the revocation instructions that banks have been using as standard in car loan agreements with consumers since 2010 to be unlawful under eu law. You can find more information on the ruling here.
As a result of the eugh ruling, you can still pull your revocation joker years after you have concluded the loan agreement. Since the revocation instructions are therefore invalid, the 14-day revocation period never started to run. In the specific case, the eugh objected to the following clause.
"the period begins after the conclusion of the contract, but only after the borrower has provided all obligatory information in accordance with section 492(2) of the german civil code (e.g.B. information on the type of loan, information on the net loan amount, information on the term of the contract)."
Here is referred to § 492 abs. 2 of the German Civil Code (BGB), which in turn refers to art. 247 §§ 6-13 EGBGB refers. the luxembourg judges found that this so-called cascade reference was unreasonable for the customer without prior legal training. The cascade reference is contrary to directive 2008/48/EC of 23. april 2008about consumer credit agreements, as bank customers would not be instructed in a clear, concise form about the start of the revocation period. It is not acceptable that you have to fight your way through a jungle of paragraphs to find out when the revocation period begins. According to the eugh ruling, almost all car loan agreements that consumers signed between 11. 6. 2010 and the 26. 3. 2020 may be revoked.
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In its sensational ruling of 26 June 2009, the european court of justice (eugh) ruled that the statutory requirements for the right of revocation are not met.03.2020 turns the entire german consumer credit law on its head. For consumers who have been reluctant to exercise their right of cancellation, now is the time to act!
How you can benefit from the eugh ruling
Car loan revoked = installments back
not least due to the corona crisis, monthly car financing installments are becoming a burden for many consumers and exceed the available budget.
If you also want to get out of your leasing contract early, then revoke your contract without any problems. The consequence: you return your car to the bank and get back all installments paid so far, including the down payment.
person affected by the emissions scandal? use revocation!
For consumers affected by the emissions scandal, a revocation of car loans with contract conclusion from 13. June 2014 can be very lucrative. But revoking a car loan is not only possible for vehicles affected by the emissions scandal. In fact, EVERYONE who finances their vehicle through a bank can benefit from the perpetual right of cancellation.
A revocation of the corresponding car loan is much more likely to succeed than, for example, an action for material defects against the dealer or an action for damages against the car manufacturer. Another advantage of the revocation is that the consumer does not have to pay the bank any compensation for kilometers already driven.
All banks are affected
The possibility of revocation even after the expiry of the 14-day revocation period does not exclusively apply to car loans with VW Bank and its branches (Audi Bank, Seat Bank and Skoda Bank). Financing contracts from other car banks (u.A. BMW bank, santander bank, mercedes-benz bank) may also fail to meet the legal requirements for proper information on the right of revocation.
Exclusion of the right of revocation
There are a few exceptions for which the general right of revocation for consumer loans does not apply. Contracts that do not qualify as consumer loan agreements (§ 491 abs. 2 BGB). These include small loans where the net loan amount is less than 200 euros these are not consumer loans and therefore do not fall under the right of revocation. Short-term contracts in which you have to repay the loan within three months and for which only low costs are agreed are also not regarded as consumer loan contracts.