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Emilija Berzanskaite
9th September 2021
Banking & Finance Consumer, Health & Environment

Court of Justice: Loan agreements which contain incorrect or incomplete mandatory information may be revoked by a consumer at any time

The Court of Justice has rendered a relevant decision in joined cases C-33/20, C-155/20 and C-187/20, Volkswagen Bank, Volkswagen Bank and Skoda Bank, and BMW Bank and Volkswagen Bank, finding that when a loan agreement contains incorrect or incomplete mandatory information required under the Consumer Credit Agreements Directive 2008/48 (Directive), the consumer may at any time revoke the conclusion of the contract and have the installments made to the bank reimbursed.

All the cases, in which the facts are essentially very similar, deal with proceedings launched by a consumer against their bank, with which he or she has concluded a loan agreement for the purpose of purchasing a motor vehicle for private use. Shortly before or afte


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