Withdrawing from an installment purchase: the financing goes too
An expensive device conveniently financed in installments, and now you regret the purchase? With a financed purchase you have two contracts at once: the purchase and the financing. If you withdraw from the financing, the purchase often falls away too.
Reach your next steps and the matching ready-made texts in just a few minutes, free of charge:
Declare your withdrawal →Your chances of getting your money back
What you should do now
- 1
1. Check the contracts
Is there a financed purchase (installment purchase or loan), and are purchase and financing linked?
- 2
2. Check the deadline
Withdraw within 14 days; with a faulty instruction more is possible.
- 3
3. Declare withdrawal
Declare the withdrawal of the loan (and, if applicable, of the purchase) in writing and in a provable way.
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4. Reversal
Goods back, paid installments back; the reversal takes place between the parties involved.
Frequently asked questions
Can I withdraw from an installment purchase?
As a rule yes. The financing linked to the purchase is a consumer loan that you can withdraw from within 14 days. If it is a 'linked transaction', withdrawal from the loan also ends your commitment to the purchase contract (§ 358 BGB). With a faulty withdrawal instruction the deadline can even be longer.
What happens to the goods after the withdrawal?
The contract is reversed: you return the goods and get already paid installments refunded; outstanding payments cease. In a linked transaction, the parties involved settle this among themselves, so that you can essentially deal with a single point of contact. Declare the withdrawal in writing and keep the proof.
Take action now
We put together the ready-made texts and the right places to contact for you.
General information for self-help, not legal advice (RDG). In case of a high loss or uncertainty: contact a consumer advice center or a lawyer.