That District Court (LG) Munich I lined up with his judgment of 9. June 2022 in the nationwide consumer-friendly case law to the right of withdrawal. The court found that a car buyer can still withdraw from his loan agreement years later.
Cancellation of a loan agreement with the BMW bank
A car buyer financed the Ford S-Max he bought in autumn 2018 from BMW-Bank GmbH with a loan of a good 12,300 euros. Monthly installments of EUR 147.76 and a final installment of around EUR 6,100 were due for this loan. On October 26, 2021, the plaintiff revoked the loan agreement on the grounds that it contained insufficient information about the right of revocation and the applicable default interest rate. The bank refused to settle the matter out of court, so the plaintiff had to go to court.
LG Munich I: Revocation exempted from further payments
In its decision, the LG Munich I confirmed the revocation of the plaintiff and is thus in line with nationwide consumer-friendly case law. The wording in the instruction regarding the interest on arrears and information on out-of-court consumer complaints procedures. The plaintiff is exempt from future interest and principal payments.
Consumers need to act quickly
Thanks to the eternal right of withdrawal, many courts decide in favor of the consumer in disputes with banks. This right allows them to revoke contracts years later. A new EU directive is now planned that will limit the revocation to 1 year and 14 days from October 2022. (https://www.ra-jackwerth.de/ Verbraucherkredite-eiges-widerrufsrecht-soll-abgebart-be-fast-acting-required/)
JACKWERTH Lawyers stand up for your rights
If you want to get out of your contract, you need to act quickly. We would be happy to check your documents. Arrange a free initial consultation with the specialist lawyer at JACKWERTH Rechtsanwälte. You can reach us:
• by telephone on 0551/ 29 17 62 20 or
• by e-mail to [email protected] or
• make an appointment for a video conference.
You are also welcome to use our Contact form. The inquiry is non-binding and will be answered by us at short notice.
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