Dont sign a dealer contract for financing, I suspect the contract was drawn up to have you owe the dealer for the financing. They then sell the finance contract to whoever they deal with. Most times in Canada when you sign a finance contract at a dealer, the paper is with a bank, finance company, or say GM, Ford, etcs finance arm. And the financing is approved before you get the car. This type of contract may be with a dealer who advertises we finance everybody . Sleazy places and what that dealer did was likely illegal but then you need to sue to win and get your money back. That dealer may have just been running a scam? In Canada, the dealer would also have to pay off the debt on the trade.