Did you purchase a vehicle through financing as a consumer? Then the chances of successfully revoking your loan are very good. You can simply use your "perpetual right of revocation." This includes not only diesel engines with manipulated emissions, but also petrol, hybrid and electric vehicles.
With In its judgment of 9 September 2021, the European Court of Justice (ECJ) Consumer rights in credit agreements and car loans have once again been strengthened (case numbers C-33/20, C-155/20, and C-187/20). This ruling is a true blessing for car buyers, not only in the diesel emissions scandal. A valid revocation not only results in the rescission of the credit agreement, but also of the vehicle purchase agreement. Car dealerships usually arrange the car loan, a so-called related transaction, so that if the car loan is revoked, the vehicle purchase agreement is also rescinded.
Cancel car loan
As part of the cancellation process, the borrower returns the financed vehicle and no longer has to pay any loan installments. The question of depreciation during car loan cancellation is very important. This determines how much money you get back—or how much money the bank is entitled to.
The Loss of value is to be determined using the comparison value method. When calculating the loss in value, the net sales price agreed in the purchase contract generally serves as the starting point. When the vehicle is returned, the objective market value at the time of handover is assessed. The objective market value of the vehicle, taking into account the installments you have already paid, ultimately forms the basis for determining how much money you or the bank are still owed. This must be considered on a case-by-case basis.
Use your right of withdrawal now!
We will check for you free of charge, without obligation and objectively, whether revoking your car loan contract is economically worthwhile for you. Benefit from our free service to check your contracts for errors and evaluate your chances of success. This is especially true for drivers who are affected by the emissions scandal If you have to expect high losses in value, revoking the car loan may be a particularly interesting option.
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Consumers can revoke almost all credit agreements
The European Court of Justice (ECJ) has ruled on 9 September 2021, case numbers C‑33/20, C‑155/20…
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