With its judgment of 09.09.2021 with the az. C-33/20, C-155/20 and C-187/20 the european court of justice (eugh) consumer rights in credit agreements and car loans considerably strengthened. Most customers can revoke old credit contracts as a result, even if the contract was signed years ago. The ruling is also available in the diesel emissions scandal a blessing for car buyers.
The eugh had ruled on clauses in car loan agreements of the VW-bank, the skoda-bank and the BMW-bank and says very clearly: what is written in there is not enough to protect consumers from disadvantages. European law demands more:
Contents of the eugh ruling on the revocation of car loans:
the eugh essentially ruled: what is in the contract must be easy to understand for an average consumer who does not have specialist knowledge of finance. It was about clauses and mandatory information in the loan agreement for the calculation of interest in the event of late payment of installments, termination, the complaint options and the so-called. prepayment penalty.
The Federal Supreme Court (BGH) had a different opinion. The Federal Court of Justice (BGH) had considered a large number of mandatory statements to be sufficiently clear and additionally claimed that the eugh would also see it that way.
With the current ruling of the eugh, the the case law of the Federal Court of Justice was clearly rejected in several points issues. The decision of the european court of justice (eugh) is a milestone for many credit agreements and consumer rights in germany.
Which car loans and credit lines are now revocable according to the eugh??
A great many contracts have defects, and because of these defects, the two-week revocation period has not begun. The revocation, the exit from the contract, is therefore still possible for customers today. Even if the contract was concluded years ago.
Almost all auto loans and car loans are revocable!
Currently, this is important for the car loan and car loan in the diesel exhaust scandal. Here the car buyer, if the car was partly or completely financed by a car loan, can simply declare the revocation of the loan agreement.
An effective revocation of the credit agreement does not only lead to the revocation of the credit agreement, but also of the purchase agreement for the vehicle, since the car dealer usually arranges the car loan. A sog. Related business.
In the context of rescission, the borrower returns the financed vehicle to the bank and no longer has to pay loan installments. In addition, the customer will be reimbursed for all monthly payments made on the loan up to the time of revocation and also for any down payment made. It is disputed whether the borrower has to take into account a so-called usage allowance for kilometers driven. In any case, you have driven the car after revocation almost free of charge and can buy a newer car, which complies with the emission limits even when driving.
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Consumer loans can be revoked
Revocation can be lucrative if the interest on the loan was very high in the original contract and would be much lower in a new contract. Or if life circumstances have changed and you no longer want to be bound by the contract. Many other consumer loan agreements may also be faulty – the one for a new sofa or for a vacation.
Real estate loans are not covered by the eugh ruling:
Only real estate loans are subject to different rules. The european Court of Justice did not deal with this issue in this judgment. Here too, however, there is still the possibility of the "revocation joker" in the event of incorrect revocation instructions or missing mandatory information.
What are the chances of success for the revocation of the car financing or car loan??
The ruling of the eugh is binding for the member states and must therefore be observed by national courts. The eugh has not only defined the principles for assessing credit agreements, but has also determined that the banks’ objections to the forfeiture or immorality of a revocation are irrelevant.
In our opinion, almost all car financing, car loans and consumer loans can be revoked today. As far as the (car) bank does not recognize the revocation, lawsuits have good prospects of success after the pleasing eugh ruling. Because the prospects of getting justice in court are now better than ever for consumers.
The chances of success are particularly good if the revocation is declared while the financing is still in effect. Because in the case of loan agreements that have already been terminated, a forfeiture of the right of revocation could be assumed.
Free advice on loan exit and revocation of car loans from specialist lawyers for banking and capital market law
If you are thinking about withdrawing from your loan, it is essential that you seek specialist legal advice. We have examined more than 1,000 credit agreements and revocation instructions throughout Germany and have been able to reverse a number of agreements for our clients. This experience is very important even before declaring a revocation and withdrawing from a current loan or a car loan.
If the bank refuses to revoke the loan, the customer shall bear the costs of the revocation legal protection insurance the costs of the lawyer and of legal proceedings. without legal protection insurance, in many cases and after the positive eugh ruling, there will be a litigation financing under consideration.
Let us check now, free of charge, whether it is possible and economically sensible for you to revoke your car loan or consumer loan. For this and further information, please visit our internal page on this topic "revoking a car loan