If you sign a contract for a car but a week later sign a new one, does that void out the first one?

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If you sign a contract for a car but a week later sign a new one, does that void out the first one?

I went into a dealership signed a contract they told me it’s my car it’s all approved. A week later they called me up told me they got me a cheaper interest rate at another bank for me to come in and sign the new contract so I did. Does that void out the first contract?

Asked on June 12, 2012 under General Practice, Missouri

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

A new contract *can* void out and replace a prior one--or it may just amend or modify the previous one. It depends on the circumstances and what the second agreement says or provides. If it's just about a different interest rate, for example, then it may be that it just modifies or amends the interest rate portion of the prior contract, rather than voiding it entirely. There is no way to say in the abstract; again, it depends on the provisions or terms of the contracts.


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