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Is an auto loan contract void if they used the wrong Social Security number?
I applied for a loan, and when I signed the papers, I didn't notice that the Social Security number was wrong. Now I'm getting cold feet about the purchase, so I reviewed the contract and found the error. Does this void the auto loan contract?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Chances are that this will not void the contract. Because a Social Security number isn’t a necessary element of a contract, having the wrong one listed won’t matter as long as all the other details are correct.
However, some contracts for loans allow you to give the car back within a specific time period. Check the contract to see if you’re still within that time frame. You might lose some money to fees, but at least you won’t be stuck with a car you don’t want.”
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- Gregory R.
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