The German dearest child – the automobile – lets the Michel take the most credit. About every second installment loan ( installment loan ) is used to buy a car.
Credit for the car: What do the Germans take out a loan for?
In the installment loans clearly leads the credit for the car with a share of about 50%. But the German knows other wishes, which he may meet by installment loan.
|Investitionsgut||Share of installment loans|
|buying a new car||31%|
|Buying Used Cars||28%|
Source: Banking Association
What comes after the loan for the car? Furniture and electronics are also causing many Germans to seek installment credit . The two divisions each account for 17% of the volume of installment loans. So it was to learn from the banking industry association .
For the credit for the car, the new car purchase is clearly ahead. With 31% share of all installment loans, it is ahead of the used car purchase , which can only collect 28% of installment loans. New just stays true.
Also interesting: for the purchase of a new car , the Germans borrow on average 19,000 euros , when buying a used car, it is only 11,000 euros.
Current discussion: Credit Revocation
The scandal over the diesel has set her back in motion, the discussion about the revocation of loans when buying a car . Many lawyers make their mark and announce that the revocation of the loan for the car is the best way to get his now unloved diesel back from the farm .
The thought is very simple. You revoke the car loan and return the car to the manufacturer. This must also take the car back. So courts have already decided in the recent past. You get your money back and can then immediately turn to the next car purchase. Of course, a diesel will not be it anymore.
The courts have taken even further with their decision. While the borrower and car buyer used to pay the manufacturer for the period of use of the car a reasonable compensation for use , this is no longer necessary according to the latest legislation. So, for example, if you drive your new car for two years and scrub miles on the tachometer, you can have your money returned after two years, put the car on the manufacturer’s yard and you’ll be fine. The manufacturer, on the other hand, has to take back the shut down mill and remains sitting on the damage resulting from the car’s wear and tear .
Beware of the credit for the car: not always you can withdraw
The revocation of the car loan is not just possible. The German jurisdiction sees this only if certain conditions are met. The prerequisites are formal errors – especially when the credit agreement is issued. The point here is that the buyer proves he was misinformed or insufficiently informed by the bank.
The so-called cancellation joke in the case of a loan for the car can then be withdrawn if the so-called revocation period of 14 days due to the consumer does not start to run. There are quite a number of law firms in Germany that have discovered this gap in the banking contracts. There is a gap in the cancellation policy of the credit agreements of the automobile banks .
Since the law firms throw their clients the revocation joker, there are always spectacular judgments that make the car manufacturers and their financial subsidiaries – the auto banks – flinch. The dimension of the case is immense. Just imagine once that this is about several million loan agreements whose revocation is now possible. The autobankers, of course, hope that the German Michel will stick to his credit for the car and slosh past the wave of revulsion.
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