we traded our car in on a new ford our credit is bad we told the sales person about and the fact that we owed a lot on our car they made us a deal

If you are trading in a vehicle, the dealer is required to satisfy any loan or lien within 30 days. The dealer may have you sign a Power of Attorney or similar document if you do not have the title.  Nevada dealers are required to keep your trade-in until the financing on your new vehicle is finalized (up to 15 days). They must return your trade-in if they offer you different financing terms and you decline to accept the new contract. If financing cannot be finalized, the dealer then has three options: (1) rescind the sale and require the return of the new vehicle (and return your tradein to you); (2) finance the new vehicle in-house under the original terms, or (3) ask the buyer to sign a new contract with different terms. The buyer is not obligated to accept a new contract and may return the new vehicle (and receive his trade-in back).  In that final case, you would pay your original car loan and would continue ownership of your original vehicle.