The district court Ravensburg has decided. With his judgment of 07.08.2018 ( file number 2 O 259/17 ), it was the driver of a Skoda Roomster right, who had financed his car purchase at the Volkswagen Bank . The buyer stated that he had been misinformed by the VW bank when signing the car loan contract. Therefore, he demanded from the VW Bank back all paid to the bank rates.
The buyer had covered the vehicle in the meantime a distance of 70,000 kilometers. He was unwilling to pay the bank compensation for the route he was using and he also refused payments for any damage to the car. The LG Ravensburg ruled in its judgment in favor of the buyer.
Revocation of car loan agreements and the compensation for use
The revocability of auto loan agreements has already been the subject of various judgments in which the respective courts decided in favor of the consumer and granted the revocation. New to the ruling of the LG Ravensburg is now that the credit institution denied the compensation for use for kilometers driven and for the resulting loss of value. The judgment could concern about 1.5 million car loan agreements of the VW bank and their daughters.
The reversal of the car purchase
Anyone who has bought and financed his car as the above-mentioned buyer and financed by car loan, will have to reverse both contracts (there are two: the contract of sale and the loan agreement ). How are the contracts reversed?
# 1 reversal of the purchase agreement
The reversal of the purchase contract is quite simple. The buyer will simply return the car to the financial institution after the revocation of the loan agreement.
# 2 Cancellation of the loan agreement
Again, it is pretty easy. The credit institution must reimburse all payments made on the loan during the repayment of the loan agreement . This includes all loan installments (interest and principal payments) as well as any down payment.
Another position would be the depreciation of the vehicle due to use by the buyer. For this the buyer does not have to make a replacement, as the LG Ravensburg has decided. Even for the distances already traveled by car, the buyer does not have to pay compensation to the bank.
# 3 How long can you revoke the car loan?
That is of course a legitimate question. Is the right of withdrawal only valid at the beginning? Or during the time of repayment of the loan, ie before full payment? No, the revocation is unlimited in time.