Big surprise at the Federal Court of Justice: a consumer who has revoked his car loan received the right from the BGH. A judgment from which many thousands of consumers can benefit.
Big surprise at the Federal Court of Justice: a consumer who has revoked his car loan received the right from the BGH. A judgment from which many thousands of consumers can benefit.
In the past few months, the Federal Court of Justice has brought some consumer advocates to the verge of desperation. On extremely questionable grounds, top judges dismissed several cases where consumers had withdrawn their personal loans in order to reverse funding.
The aim of the BGH was apparently to kill the so-called cancellation joker, which many consumers have been using for several years to the chagrin of the credit institutions to return their vehicles to the bank by canceling the financing. Now the partially contradicting judgments have apparently become embarrassing to some BGH judges themselves. According to rumors, there should have been a riot in the responsible Senate. In any case, the fact is that in a current judgment (Az. XI ZR 525/19) the BGH has now surprisingly granted a plaintiff his right of withdrawal – and thus reversed the case law.
Have your car financing (loan or leasing) checked here free of charge.
The explosive thing about the case: it is a loan from the comparatively small FCA Bank (Fiat Chrysler). But the mistake criticized by the BGH can be found in a large number of car financings, for example at the Santander Bank, Opel Bank, VW Bank, Audi Bank, BDK, Commerzbank, Auto Europa, Targo Bank and Bank 11. The BGH judgment should therefore have massive effects on many car financing.
In essence, it is about the banks writing in their contracts that the revocation of the loan also leads to a revocation of the residual debt insurance. Experts speak of a so-called collective instruction. The problem: This formulation is also used if the customer has not taken out residual debt insurance. The BGH has now ruled that the consumer was incorrectly informed. Therefore, the withdrawal period for the loan does not start to run. The revocation can therefore also be exercised years after the financing has been concluded.
The spectacular consequence: a consumer can return his vehicle to the bank and get his money back. This can be very lucrative, especially for diesel vehicles, which have lost a lot of value due to the emissions scandal. However, the revocation is completely independent of which engine the car has. In most cases, the withdrawal can bring a consumer a benefit of several thousand euros – compared to selling the car on the used car market.
Revocation is also possible for numerous leasing contracts. Only recently, the Munich Higher Regional Court (Az. 32 U 7119/19) awarded a Sixt leasing customer the repayment of all installments because the contract was incorrect. Affected customers should check whether they can benefit from the judgments. Such a check is free of charge and without obligation for the interest group revocation.
–Trade Commerzbank shares now from € 0 – on Smartbroker.de–
