Resign Contract

[magnolia318]

What is the name of your state (only U.S. law)? New Jersey

I signed a lease extension contract with Toyota Financial Services. They called me today stating that the contract I signed was incorrect and that some numbers had been transposed, the residual and the depreciation amounts. The contract shows the payoff being a really low number and the depreciated amount being high. My question is, can I buy out my lease for the payoff amount stated on the contract I signed or do I have to resign the new contract with the "corrected" figures?

 

[Zigner]

What is the name of your state (only U.S. law)? New Jersey

I signed a lease extension contract with Toyota Financial Services. They called me today stating that the contract I signed was incorrect and that some numbers had been transposed, the residual and the depreciation amounts. The contract shows the payoff being a really low number and the depreciated amount being high. My question is, can I buy out my lease for the payoff amount stated on the contract I signed or do I have to resign the new contract with the "corrected" figures?

If there was a genuine clerical error, then you won't get out of it so easily.

 

[magnolia318]

I don't want to get out of it!!! I want to buy the car for the payoff amount on the contract!

 

[LdiJ]

I don't want to get out of it!!! I want to buy the car for the payoff amount on the contract!

Have an attorney review the contract. Unless the error was an obvious clerical one, they may very well have to honor the contract.

 

[sandyclaus]

I don't want to get out of it!!! I want to buy the car for the payoff amount on the contract!

If there was a genuine clerical error, then you won't get out of it so easily.

What Zig means is that if the allegedly switched figures are a genuine clerical error, then that low payoff you're hoping for may not end up being possible.

We understand that you are clearly trying to take advantage of the situation here, but a mistake is a mistake. Just because you wish it so doesn't mean it's going to happen.

 

[FlyingRon]

This is what we call in contract law unilateral mistake. You will not get specific performance (forcing the contract to be enforced as written, which is what you are asking for). Your remedies are rescission (outright cancelling of the erroneous contract) or reformation where it is rewritten to correct the error.