Cancel car loan: free examination of your contract
Car loan revocation only for vehicles that are provided with a fraud software?
It is not decisive whether the financed car is provided with fraud software. The decisive factor is whether you have financed your car purchase with a loan. In principle, any loan contract concluded by a consumer as a borrower will be eligible for a successful revocation – whether a diesel or gasoline engine was financed.
In particular, credit agreements concluded on 11 June 2010 have proven to be sensitive to recourse since new consumer protection directives applied from that date. However, many contract documents did not yet contain the amended mandatory information and can therefore be revoked today. An example is the lack of notice of termination for good cause under §314 BGB, which has already been confirmed in proceedings before the Munich district court and the Berlin district court as a reason for car loan revocation.
Withdrawal Buying a car – What is it?
If you have taken up a loan as a consumer when buying a car, there could be a right of withdrawal. Decisive for a purchase of a car Right of revocation is, whether in advance all instruction obligations were followed. We offer to check your loan agreement for a right of withdrawal free of charge. Objectives are the return of the car and the reimbursement of your payments made.
Can every car loan be revoked?
Unfortunately, not all car loans can be revoked. Car loan agreements concluded before 11.06.2010 generally turn out to be legally compliant. Furthermore, only consumers, but not entreprenUSDs can make use of the right of withdrawal. If you want to revoke the contract, this is only possible if you were a consumer borrower.
When does the car loan revoke the revocation?
Normally, if loan agreements are legally flawless, the withdrawal period is only 14 days. In case of errors in the contract, however, the revocation never expires. It can therefore be explained without a time limit, even many years after graduation.
How do banks react to the car loan revocation?
The banks generally reject the revocation of the loan. We can report this from our consulting practice. It therefore basically requires the law enforcement with the help of a specialized law firm, so that a judicial verdict can be positive for you. In most cases, banks will also seek compensation for loss of value or compensation for the mileage already driven. This practice is currently highly controversial. A clarifying verdict is yet to come. Whether a value-for-use or a compensation for car loans revoked, is currently the subject of several upper court proceedings. “In case of success, you will not only refund the deposit and all capital payments, but also all interest payments and compensation as compensation, as the Bank could manage the money, but not you. The foundation of this view is, inter alia, a ruling of the Federal Court of Justice, according to which a borrower can reclaim all services connected with the business in case of revocation.
Will the costs for the revocation be covered by my legal expenses insurance?
We get a cover letter from your legal expenses insurance free of charge. Whether a traffic protection insurance financed the cancellation joker, depends on the individual case. Decisive for the cover protection for the revocation of loans is the respective insurance policy. Information about this can be found in the General Legal Protection Insurance Conditions (ARB) and in the insurance policy. The valid ARB for the individual contracts are usually found on the Internet, usually on the website of legal expenses insurance. Tip: If the legal expenses insurance does not cover the revocation of the car loan, there is still the chance that it must cover the enforcement of your claims for damages, which you are entitled to because of the exhaust fraud against the vehicle or engine manufacturer or your car dealer.
How does the revocation of a car loan work?
The Withdrawal Joker works on car loans according to the following principle:
1. Error in the cancellation policy
The cancellation policy attached to the loan agreement must contain an error.
2nd consequence: cancellation period is still running today
Then the withdrawal period, which is normally only 14 days, has not yet started to run. You can still revoke the car loan or loan agreement within the revocation period.
3. Loan Revocation also brings down car purchase
Now you have the unique opportunity to cancel the entire vehicle purchase and get back the deposit and the installments already paid.
Why does a car loan revocation make economic sense?
Loss of value up to 50%
Up to 50% of prices for used diesel have collapsed. The Zentralverband Deutsches Kraftfahrzeuggewerbe (ZDK), together with WirtschaftsWoche, conducted a survey of 1817 car dealerships.
Diesel car partly not for sale
The car dealers say in the study that diesel passenger cars with the USD 5 norm are not at all or only with hardware retrofit for sale. In addition, the study found that dealers use second-hand USD 5 diesel with 30 to 50 percent discount.
Loss of value also at USD 6
Even supposedly not affected by the diesel problem USD 6 cars are not spared the price erosion. For example, the Central Association of the German Motor Vehicle Trade stated that 76 percent of retailers currently consider that sales are hardly or not at all possible.
What do I get for a revocation for my car?
First of all, it should be noted that if you revoke your car loan, you will certainly receive more than on the open market, which has been weakened by discussions about driving bans, fraud software and the end of diesel to the detriment of the diesel owners.
In short: If you revoke the car loan you will earn more than the current market price.
What are the chances to enforce the car loan revocation in court?
The chances are good in our opinion. In any case, the banks are very interested in preventing judgments to their detriment.
This shows the following example:
A VW buyer had revoked a financing of the VW Bank before the Berlin district court. The court signaled that it recognized errors in the cancellation policy. The VW Bank GmbH even offered the plaintiff to give him the financed Touran and also to reimburse all previously paid credit installments. However, it requested that the plaintiff withdraw the claim and sign a silence obligation. This offer was rejected by the applicant.