All the details about revoking a car loan - the info!

If a car loan was concluded in connection with a car purchase, then it is actually a separate sales contract lapsed.

1. If the car has been financed, the loan agreement can be revoked within a period of two weeks.
2. However, consumers only have a right of withdrawal for some contracts.
3. Lawyers now clarify the consequences of a revocation on the purchase contract.

For which contracts does a right of withdrawal apply?

Consumers can claim a two-week right of withdrawal for the following contracts:

• The right of withdrawal applies to credit agreements such as consumer loans or financial aid if the purchase price over 200 euros and the term exceeds three months.
• The right of withdrawal also applies to contracts concluded outside of business premises, for example in private apartments, at leisure events or in the pedestrian zone.
• The right of withdrawal also applies to distance contracts. However, these are usually only concluded by telephone or fax, and in some cases by email or post.

However, only consumers benefit from the right of withdrawal. Basically, a consumer loan is actually a loan agreement between a business owner and a consumer. This is why both loan financing and other forms of financing, such as leasing, belong to this category.

What are the consequences of a revocation?

When a car loan is revoked, the sales contract can not effective become. Thus, with the revocation of the loan, the Purchase contract lapsedif you signed the loan agreement when buying a car from a dealer or if the dealer brokered the loan through the manufacturer's bank. In such a case, the sales contract must be reversed, the same applies to a leasing contract. Therefore, in the event of a cancellation, the car must be sent to the bank, which will take the returned become. Installments that have already been paid and any down payment must be made by the bank will be refunded. In addition, the bank bears the full risk of insolvency if the respective dealer no longer exists at the time of the revocation.

What about a withdrawal before delivery?

You should get the loan agreement in If you cancel the delivery of the vehicle, you do not have to accept the vehicle. Since in this case you have not yet paid any installments or paid a deposit, the revocation is right for all parties involved unproblematic.

Do I have to pay compensation for kilometers already driven?

If the revocation is only submitted long after the start of the contract period, for example because of incorrect revocation instructions, you may have to Compensation for kilometers already driven. In principle, the following regulations can apply:

1. It must no compensation be done.
2. It becomes a so-called Compensation for use charged for kilometers already driven.
3. It will be the difference offset between the new value and the return value of the vehicle.

Our conclusion: It is best to have a contract lawyer check the contracts for errors. In this way you can clarify whether you can revoke the contract at a later point in time and whether the revocation would be worthwhile or whether you have to pay compensation.

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