Mercedes-Benz Bank: Revocation still possible after years?
Mercedes-Benz Bank is the in-house credit institution of the Mercedes and Mercedes-Benz Group. Daimler Group. Thousands of customers finance their car purchases with loans granted by Mercedes-Benz Bank. Consumers who took out a loan with Mercedes Bank after June 2010 could now enjoy immense benefits. Because Mercedes Bank may have to give numerous customers the opportunity to revoke today. This is highly notable given the withdrawal period, which is usually 14 days. The reason that the revocation is still possible years after the "deadline" is due to the use of faulty documents on the part of Mercedes Bank. Customers could benefit from these mistakes today and save a lot of money!
Revocation of car loan with Mercedes Bank – what are the benefits??
The revocation basically opens the possibility to get rid of his financed car purchase without any problems. But to understand the positive effects, you need to consider the legal consequences: If one exercises the right of revocation, the contract is subject to reversal. This means that you get back all paid loan installments from Mercedes Bank. At the same time you have to hand over the financed vehicle to the bank. The bank can in this course for wear. Use replacement demand. The amount that is deducted from the loan installments is, however, relatively small – de facto, the conditions at which you return the car are unbeatable. In some cases you get back almost the full amount paid so far.
Even more pronounced are the benefits for consumers who took out their car loan after June 2014. From this point on, the bank is precluded from demanding compensation for use in the event of revocation. So you get all (!) paid installments, returns the car to the bank and does not even have to pay compensation for use. Over the years or months one has driven the vehicle then quasi free of charge.
In any case, the revocation offers a favorable return option with potentially high savings. Above all, however, the return can be interesting for motorists who have been victims of the emissions affair or are not satisfied with their vehicle for other reasons. With regard to upcoming diesel problems, revocation is an interesting option.
Who can revoke with Mercedes Bank?
Theoretically, the "eternal" revocation is possible for any consumer who took out a car loan with Mercedes-Benz Bank or any other car bank after June 2010. According to German law, a consumer is anyone who concludes the transaction for predominantly private purposes.
Another prerequisite is that the bank has used faulty documents in the individual case. More precisely, it is about the revocation instruction. This is a document that should fully and understandably inform the customer about his right of withdrawal. Mercedes Bank's instructions may have contained errors as of June 2010. Consequence of these errors would be that the period of the right of withdrawal did not begin to run. Then the revocation is still possible today.
What to do?
Since each case is different, one thing must be clear: The revocation is not always possible and also not always useful. Nevertheless, thousands of consumers who have financed their car purchase have the chance to save a lot of money by doing so. Therefore, one should seek advice!
We at Werdermann | von Rüden offer a free initial consultation! Our lawyers check your contract for any right of withdrawal, calculate your savings and show you other opportunities.