Misspelled Name May Be Able To Get Out of The Car Loan
Posted on | July 11, 2011
Can I legally get out of my car loan? The company my loan is through recently got bought by someone else and I CAN NOT stand them!!! They are constantly sending out bill out in the co signers name and have spelled my first name wrong on the loan. When I ask them to change it they tell me I have to fax in a bunch of stuff to get it fixed. I don’t think I should have to because it isn’t spelled wrong on the docs I have from the dealership. Someone had told me that because of the spelling I may be able to get out of the car loan. Is this true?
Who ever told you that a misspelled name could get you out of paying the loan should be put on your list of people to never ask for advice. The misspelled name is a clerical error and really has no impact on your liability for the loan, especially since your name is spelled correctly on the actual loan documentation.
If they are sending statements to the co-signer, it sounds like you are not paying the payment on time. If you want to get rid of this particular company, refinance with someone else.
Go to the dealership and ask to have your name spelled correctly. The dealership wants you happy and wants you to return to buy your next vehicle so they will help you. Don’t go anywhere or buy anything next month and send them the payment a month in advance, then you will be a month ahead and the co-signer won’t hear anything from the loan company. You can’t get out of the loan. If you needed a co-signer, then you have a high risk, high interest rate loan. You were lucky they bought the paper.
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Tags: Car Loan > car loan legally > get out of the car loan > misspelled > name