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Do I have to pay an auto loan if my name was spelled wrong on it?

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If your name is spelled incorrectly unfortunately you still have to make your auto loan payment. The reason why is for a auto loan to be approved they have to run a credit check which requires your driver license which is probably spelled correctly and your social security number. Your social security number will definitely match your identity. Then the bank will have to approve you based on your credit with your social security number. Then there are numerous documents that need to be signed including registration and title documents. The car dealership have their own documents as well for security. Also loan documents as well form the lender. Even if your named is spelled wrong on the loan it is probably correct on your registration.

The bank or lender can make a quick change to correct your name to make sure it is spelled correctly. So with all those factors and proofs you cannot skip or decide not to make payments.

There are some rare cases you can get out of auto loan but it really depends what the car dealership wants to do if they want to cancel the loan.

Your credit is your responsibility it is your passport to financial purchases. Take care of it, the lenders base their decisions on your credit, not your name. They cannot base their approvals on your name, that will considered as discrimination.

If your social security number does not match the one that has been submitted to the lender then you can probably cancel the loan but it also depends on the time frame. A example is if you had the loan for four years, you may not want to cancel because you might lose equity that you have paid into the auto loan.

 

Any questions or comments please leave them, thanks!

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