Revocation car loan

use the eugh judgment now and get rates and down payment back

In a ruling with explosive force, europe’s highest court, the european court of justice (eugh), ruled on 26.03.2020 that pretty much all car loan contracts are revocable.

The contracts used by most banks are in fact incomprehensible to consumers in one crucial point. This must not be to the consumer’s detriment – which is why car drivers now have the option of returning their financed car years after purchase and in exchange get back all paid installments as well as the down payment. This has now been confirmed by the eugh (case number C 66-19). In particular, it was about a sentence that just about every customer has in their contract.

The federal court of justice has already ruled in a decision on 31. March 2020 decide that a revocation, contrary to the view of the eugh, should not be considered in most cases, if the bank has largely followed the legal pattern. Small deviations are harmless according to BGH. Thus, the revocation comes only for some, very specific contracts into consideration. This is to be examined individually for each contract. A major wave of revocations is therefore not to be expected, but revocation will still be possible in individual cases.

With our attorneys specializing in revocations and thousands of revocation proceedings conducted we are one of the leading law firms in germany in this field. The attorney review of your car loan is for you free of charge and without any obligations.

Contents of this page:

  • Explanation of the revocation of a car loan
  • Revocation car loan calculator
  • Infographic on the revocation of a car loan
  • Revocation in five simple steps
  • online quick check
  • your questions and our answers

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Explanation of the revocation car loan

Banks have for years faulty car loan contracts forgive. All in all it is about millions of motorists, who therefore have a right to extraordinary revocation.

The dispute over this issue, which has been going on for years, has brought both the BGH and the european court of justice is busy, which has issued a very consumer-friendly verdict.

The banks have included in their contracts did not clearly and unambiguously state when the revocation period begins to run. According to the eugh, this does not meet the requirements of european law for credit agreements. Therefore, the contracts can still be revoked now.

The sentence that was decisive for the eugh, which just about every customer can find in his contract in this or a similar way, reads:

The time limit for revocation does not begin until after you have provided all mandatory information pursuant to section 492 (2). 2 BGB have received.

The aforementioned § 492 abs. 2 BGB is merely a reference to article 247 of the EGBGB, which in turn refers to numerous other provisions. So from this one sentence a reference to pages of regulations. This popularly used construct, the so-called "cascade reference," is now the banks’ undoing, but customers can rejoice.

revocation puts the customer in the same position as if he had never signed the contract. Millions of car owners can now once again benefit from the revocation of their car loan and save their total down payment and all installments paid get back.

To what extent the eugh ruling is now also decisive for german consumers remains to be seen in the future.

alternatives to revocation for vehicles in the diesel scandal

If a revocation is not possible, for example because the contractual documents do not contain a corresponding error or also because the car is was financed by a personal loan, which is not a car loan, we will of course also inform you of this within the framework of the free initial consultation.

Our experience shows that in particular buyers of diesel vehicles look for ways to get rid of your car. No wonder, since the cars are affected by a high loss of value due to the diesel manipulations. This applies in particular, but not only for cars from the VW group. The good news is that the diesel scandal has now been largely resolved in legal terms. In many cases there is a claim for damages against the manufacturer. And: this claim is usually not yet statute-barred. Our law firm has already been able to conduct thousands of successful court cases, and there have also been countless out-of-court settlements with positive results for our clients. Please feel free to take advantage of our free initial consultation on the diesel scandal.

More about the revocation joker explains our lawyer and partner ilja ruvinskij in one interview with the suddeutsche zeitung:

Further interesting information on the revocation joker explains our lawyer and partner dr. Veaceslav ghendler in this video:

Cancellation for diesel and gasoline contracts

High losses in value the emissions scandal and diesel driving bans in many german cities make the revocation of the car loan for car drivers to a very lucrative possibility, get rid of the old car and pay a high financial advantage compared to the sale.

But not only for diesel drivers, but also for owners of gasoline cars the revocation of the car loan is worthwhile, since with the revocation no or. Only a small use replacement (compensation for kilometers driven) must be paid to the bank.

No or low compensation for use due

It is still unclear whether the eugh ruling will grant the bank compensation for use per kilometer driven. According to our legal opinion, at least all after the 13. June 2014 closed contracts reversed without any deduction can be.

However, even in the event that compensation is payable for the kilometers driven, the deductions for normal vehicle use are relatively low.

For example, a car buyer can buy his car in 2014 for 26.000 € bought car in 2020 for almost 22.000 € return to the bank. If you consider that in 2020 he will only be using the car for a maximum of 10.000 € could be sold, this results in financial advantage of 12.000 € for him.

millions of credit contracts numerous car banks are now under scrutiny. You too can take advantage of the opportunity that the revocation joker offers.

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