Friday, 16 September 2011

Is an auto loan contract invalid if it was financed under the wrong social security number?

I signed a contract for auto financing through a finance company located in Texas.

The car was bought from a dealership in Arizona, which is where the contract was signed.

The finance company with which the contract existed had financed the loan under someone else's social security number (not mine, and I did not have a co-signer on the loan).

I did not supply this social security number and there are no documents/ applications with said incorrect social security number AND my signature on it. I signed nothing with the wrong SSN.

I am told (by the finance company) that because of the financing under the incorrect SSN the contract is invalid.

Additional Details:

I signed an application with my SSN on it, which neither company has. The only application the finance company and the dealership have on file is one created four days after I signed any documents. The finance company claims the application which they approved financing for is the one with wrong information. The one I signed is nowhere to be found.

The finance company's inquiry to my credit history was on my credit report, but not the actual financing of the vehicle, which is how I found out about it. The finance company would not do anything to change the information on file and someone filed for identity theft as a result. The car was repossessed and I was told the finance company would not approve financing for the vehicle with my current credit.

They told me the contract is invalid and because of that I am not bound to repay the remainder of the loan nor will any of it be reported under my credit- payments, repossession, etc.

Is their claim that it is invalid true?
Is an auto loan contract invalid if it was financed under the wrong social security number?
Do you have a copy of or any proof of the contract? If nobody can produce a contract, then there apparently is no contract with you. They took the car back and let you off the hook for any further payments. If you made any payments they are likely less than a rental car would have been for that period of time. What more are you after if you have no loss?
Is an auto loan contract invalid if it was financed under the wrong social security number?
You need to contact the attorney generals office for your state. file a complaint about this incident and ask for help in resolving this issue. you should also file a complaint with the attorney generals office in the state where the parent company of the finance company is located.

so sorry.

all my best.
No. The law is very clear that errors such as this do not invalidate contracts. If they cannot find the contract, then they could have a problem. You took the money and you got the car. no court would allow you to walk away.

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