Revocation and termination of leasing and factoring
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Leasing and Factoring – Modern Financing Options for Your Company

Are you considering using external financing? Often, your own financial resources are not enough to expand the company or to realize larger projects and purchases. External financing can give your company or your private household budget more flexibility. Compared to traditional loans, leasing and factoring offer more flexibility because they allow for shorter terms and more individual conditions. These modern forms of financing are an attractive alternative to conventional loans. Car leasing is particularly popular, both with companies and private individuals. Consumers are often unaware of their rights regarding cancellation and termination because they are not sufficiently informed.

A lawyer specializing in banking and capital market law will help you to clarify any outstanding questions. Especially when it comes to larger financing amounts, you should have the contracts legally reviewed to ensure that you benefit from the best conditions.

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leasing

A leasing contract is similar to a rental contract, but is not legally binding. The lessee is responsible for the property, including its hazards and maintenance, and pays a monthly rate for it. Vehicle leasing often has restrictions, such as a mileage limit.

At the end of the term, the lessee can choose whether to extend the contract, purchase the asset at its residual value or return it.

There are two main types of leasing:

Operating Leasing: Short-term use, flexible notice periods, the economic risk is borne by the lessor, who also assumes responsibility for maintenance.
Financial Leasing: Long-term contract with fixed rental periods, the lessee usually bears the maintenance costs.

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factoring

Factoring is based on the German Banking Act (KWG) and enables companies to improve their liquidity by selling outstanding receivables to specialised factoring companies. The costs consist of fees and interest.

Factoring involves three parties: the entrepreneur (factoring recipient), the financial service provider or factor bank (factor) and the customer or buyer (third-party debtor).

The process involves the company transferring an outstanding claim to a factoring company. From this point on, the claim belongs to the factoring company, which enforces it against the customer.

The advantages of factoring are that accounts receivable accounting is handed over to the factor, which relieves the company. In addition, the company passes the risk of the debtor's insolvency to the factoring company. The pre-financing gives the company the necessary funds to make investments.

revocation of the leasing contract

If you use the leased object primarily for private purposes, you have a legal right of withdrawal.

The cancellation period is 14 days and begins with the conclusion of the contract. Within this period you can cancel the contract without giving any reason. In this case, any installments already paid will be refunded immediately.

Cost
Many leasing companies initially refuse to refund the leasing payments made. In this case, a lawyer can help you enforce your claim in court if necessary. The costs of the court-enforced revocation are usually borne by the losing party, i.e. the leasing company.

revocation joker
If the right of withdrawal was not explained to you in an understandable and complete form, the withdrawal period is extended to 1 year and 14 days.

Advantage
In contrast to termination, in the case of revocation, the lessor cannot assert any claims for damages due to premature termination of the contract.

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Alternative terminations of the leasing contract

If the cancellation period has already expired, there are still various options for terminating the leasing contract:

Termination: In the case of fixed-term leasing contracts, termination is only possible for a contractual or extraordinary reason. Indefinite contracts, on the other hand, can be terminated in accordance with the notice period.

Resignation: A distinction is made between two contractual relationships: on the one hand between the lessee and the lessor and on the other hand between the seller of the leased item and the lessor.

termination agreement: A termination agreement means that both parties mutually agree to terminate the leasing contract. However, many lessors demand high compensation payments in order to benefit financially from the termination of the contract.

Leasing takeover: When the leasing is taken over, the leasing contract is continued by a third party, which