CAR DEALER SOLD MY CONTACT TO ANOTHER COMPANY

Of course. Most places even if they have in-house financing, will bid out the loan to whichever bank can offer the lowest interest rate. I've had it happen on my car loans and it's a good thing because it means that's the person giving you the best deal on the loan. Enjoy your new car :)

In the past, I had a credit card account that I had sold to another company, who then closed the account right away. Then It was like a loan that I owed money too until i had it paid off.

This also happened with home mortgages, and why Countrywide is rumored to be near bankrupcy after buying up all the subprime loans from other companies.

so yes, they can do it. and it is legal.

Read all the way through your contract if they used the contract for your state which you would recieve a pink copy it is very long there is a clause in there towards the bottom stating that you agree and are aware that you loan could and would be sold to another lender the you would usually recieve a call from the new lender verifying the information recieved along with the condition and location of the collateral and the info to begin sending the payments.

Read all the way through your contract if they used the contract for your state which you would recieve a pink copy it is very long there is a clause in there towards the bottom stating that you agree and are aware that you loan could and would be sold to another lender the you would usually recieve a call from the new lender verifying the information recieved along with the condition and location of the collateral and the info to begin sending the payments.