CJEU Enhances Consumer Rights: Car Loan Revocations Indefinitely Allowed

In a preliminary ruling requested by the Ravensburg Regional Courts in relation to Volkswagen Bank, Skoda Bank and BMW Bank (the "Banks") (Cases C 33/20, C 155/20 & C 187/20) (the "Joined Cases"), the Court of Justice of the European Union (the "CJEU") has delivered a decision aimed at strengthening consumer rights with respect to loan agreements for the financing of cars (the "Loan Agreement(s)"). The CJEU found that if the information contained within loan agreements is not in line with the Consumer Credit Directive (Directive 2008/48) (the "CCD"), consumers may exercise their right of withdrawal from such contract at any time, irrespective of when the loan was originally taken out, as well as be entitled to reimbursement.