Trade-in Payoff Shortfall

[Carjockey]

My question involves a consumer law issue in the State of: Ohio. After signing a purchase contract for a new car and taking delivery, the dealership informed me that the payoff amount for my trade-in was incorrect and was actually more than reflected in the deal. It has since sold my trade-in. They now want me to renegotiate my deal and sign a new contract with the revised payoff amount that in effect increases my purchase price and monthly payments. Is the dealership bound to the original contract or does it have the right to make me sign a new one?

[Mr. Knowitall]

Based upon what you've said, they're bound by the original contract unless either (a) a court grants them refoTheyrmation based upon a finding of mutual mistake as to the figure, or (b) you agree to enter into a new contract. If you refuse to cooperate, you'll find out pretty quickly if they are going to sue you or absorb the loss.