On Jul. 25, RUS CB discussed specifics of car loan cooling off periods.
RUS CB issued letter on the specifics of applying the cooling-off period in car loans.
Follows RUS PRL Feb. 2025 confirmed details of the cooling-off period, see #238529.
Key Points
Banks are not required to set an anti-fraud cooling period for a car loan if the money is transferred to a car dealer, including through the borrower's bank account.
It is noted that in this case, settlements are required to be made in such a way that the client cannot change the purpose of the payment or withdraw the money in cash.
The cooling-off period for loans and credits from Sep. 1, 2025 is established by law to protect borrowers from fraudulent activities; lenders can issue loans to clients in excess of 200k RUB no earlier than 48 hours after the conclusion of the agreement.
However, this does not apply to targeted car loans due to the fact that such a loan is considered targeted, and it is assumed that the borrower made an informed decision.
In addition, the risk of theft of borrowed funds by fraudsters is minimal, because the money is immediately transferred to the account of the seller of the vehicle.
Effectiveness
The norm on the cooling period comes into effect from Sep. 1, 2025.
Regulators
RUS CB
Entity Types
Bank; CNSM
Reference
Gd, 7/25/2025; Lt IN-010-59/93; Law 9-FZ, 2/13/2025;
