Diesel return: withdrawal of financing/leasing
Car Loan Comparison
Top conditions for your new car
desired amount running time 12 months 24 Months 36 months 48 months 60 months 72 months 84 months 96 months 108 months 120 months But giving back a financed or leased diesel vehicle before the contracts end is not that easy. After all, the lending and leasing contracts are fixed for a certain period and not intended for early exit. But there are a few ways that diesel drivers can possibly return the car prematurely.
Revocation of the credit/leasing contract
The usual legal withdrawal period lasts 14 days. Car buyers can withdraw from the loan and sales contract for so long.
Anyone who has completed his car loan or the leasing contract for the diesel only a few days ago, can still make use of the statutory right of withdrawal. As a rule, this is 14 days, the period begins as soon as the cancellation policy has taken place. If the revocation instruction takes place after the conclusion of the contract, there is even 30 days left. If the buyer within this period, the withdrawal from the contract, the car can be returned without giving any reason. When car loan is a requirement that credit and vehicle represent a tying business. This is usually the case with special car loans from automobile banks; Car loan and purchase represent a connected business. If a loan from an independent bank was used to buy a car without specifying the purpose of the loan, the loan and purchase contract must be revoked separately. If the car financing or the leasing has already taken longer, so that the revocation period has already expired, errors in the contract can subsequently enable revocation.
Erroneous credit agreement (“Withdrawal Joker”)
Against the background of the diesel driving bans, the reports on possible loopholes in car loan contracts are piling up. These are in many cases errors in the contract documents. The background: If the mandatory information required by law in the loan agreement is incomplete or incorrect, this means that the withdrawal period (usually two weeks) does not begin. The car buyer can revoke his financing accordingly at any time. Since car loans are often a business associated with buying a car, the revocation of the loan also revokes the purchase of a car. If successful, the car can be returned. This type of withdrawal from car financing is therefore also referred to as cancellation joker. According to law firm Dr. Lehnen & Sinnig are particularly affected by loan agreements between VW Bank, Audi Bank, Seat Bank and Skoda Bank. But other banks such as Santander Consumer Bank or Targobank are mentioned against the background of incomplete revocation. The cancellation joker can be used for contracts from June 11, 2010. At this time, a law came into force, which makes exact specifications for withdrawal and resignation instructions. On 13 June 2014, further changes to the right of withdrawal came into force. Credit agreements concluded after this date could therefore also contain errors. So far, four such cases were heard in court (district court Arnsberg, 17 November 2017, AZ: 2 O 45/17, Berlin District Court, 5 December 2017, AZ: 4 O 150/16, Ellwangen district court, 25 January 2018, AZ : 4 O 232/17, Munich Regional Court I, 9 February 2018, AZ: 29 O 14138/17). In all four cases, the revocation of car loans was made possible – the car can be returned. The banks must repay the loans, but may withhold the agreed interest and compensation for use. The judgments are not yet final. Important: Before diesel owners now try to explain their withdrawal, they should seek the advice of a lawyer. Not all credit agreements are flawed. In addition, the revocation is not always economically useful even with diesel cars with imminent loss of value. Those who want to take this step should be aware that hardly any bank will simply bow to the revocation, after all there is a lot of money at stake. There will be attorney fees, which should be clarified beforehand, whether they are covered by a legal expenses insurance. Stiftung Warentest reports that many of these cases also end in a comparison between the bank and the borrower. As this usually includes a confidentiality agreement, the number of these cases is unknown.
Deal with the dealer
If you want to return your financed or leased diesel, you can also look for a discussion with the dealer and maybe come to an agreement. If customers are dissatisfied with their car and want to get out of finance prematurely, some sellers are willing to accommodate their customers, if the new car is financed or bought again in the same dealership. The same applies to leasing vehicles. Most leases are designed to run for a specified period and do not provide for early termination. But those who are looking for a conversation with the dealer, may find a way to return the diesel early. For example, termination agreements are a good alternative. Often, however, the lessors demand a compensation payment. Important: This form of returning the financed diesel is only dependent on the goodwill of the dealer.
Diesel sell/rewrite leasing contract
Many car loans allow for the possibility of early repayment: the loan is fully paid off before the due date, and the car becomes the property of the borrower. Now the car can be sold. Even during the ongoing financing, it is possible to sell a car. It is important that the bank is on board. Here an agreement on the repayment of the remaining debt should be made. For sale, the bank must then issue the registration certificate Part II (vehicle registration). The bank may charge a prepayment penalty because it waives future interest income. This should definitely be read in advance in the loan agreement. Lessees have the option to transfer their contract to another person. With the agreement of the lessor then another takes over the existing contract. However, this can result in costs for the administrative burden, which you usually have to bear yourself.
Carefully consider the diesel return
The most important motto: do not rush things. Who wants to return his diesel, should first weigh exactly what advantages and disadvantages arise. The fact is: Currently there are no exact specifications for the diesel driving bans. It is not decided whether they are only regionally or nationwide, for which pollutant classes and with what sanctions they are implemented. So if you want to part with just because of the current debate of its diesel, should perhaps wait and see something as the situation develops.