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I just purchased a vehicle. The next day the finance manager called to let me know the financing was in error on their part. The vehicle price was stated at 25,000 instead of 28,000 that was verbally agreed. They want me to sign a new contract. I have the car already. Am I legally binded to pay more if this was an "honest" mistake on their part . The dealer would be out $3,000. Should I sign new contract?
State/Country of Question: Ohio Already Tried: Told dealer that I decided not to sign new contract until I sought legal advice. We signed paperwork stating a monthly payment of $424/mo. and since the dealer misprinted selling price on contract, they are losing $3,000 and want me to sign new contract that reflects $483/mo. They are claiming this is just an "honest" mistake. I feel like they are not trying to negotiate anything. I live 120 miles from dealership. They have already priority overnighted a new contract to me and want me to sign ASAP. Can they do anything legally to me if I refuse to sign. I would maybe consider negotiating due to "honest" mistake and the integrity thing called karma.
If you want to keep the car you will have to pay the extra but if you dont want the car you can return and get your trade back if there is one. so if you dont want it do not let them intimidate you to sign another agreement.
What would happen if I do nothing?
They can repossess the car or sue you for the difference si either of those alternatives are not good ones.
How can they sue? Do I not already have a binding legal contract? What about trying to renegotiate some kind of middle ground?
You can try but the law protects them for their mistakes so long as they correct it within 10 days. If it was past the 10 days then they have waived their rights. A valid contract did not exist because it was voided by mistake.
Lawyer
Litigation specialist, Probate and Estate law, Collection law, contract disputes, builder issues