Girlfriend Broke Up, Threatens to Sell Car

My question involves an auto loan or repossession in the State of: Colorado.

I recently just financed a vehicle back in Feburary. My credit was not good enough and my gf co-signed with me. I personally put 4000 dollars down, and have already made the first payment. We both agreed I will be making the payments, and when she broke up with me that I have the car.

However she has changed her mind. She threatens that if I can't get it re-financed that she will sell the car (which would be impossible since she would have to shell out 6000 or 7000 to cover the upside down part of the loan). She claims she is the primary on the loan.

Do I have a chance getting this refinanced??

Sounds like that is between you and your financing company.

However, your ex is doing the exactly right thing.

Having your name attached to a car that someone you are no longer dating is buying is stupid.

Can she really sell the car though? She'd have to put alot of money down. I'm going to try to get it refi'd in my name, but the intention was this car was for me.

Plus she can't even drive it because she has no insurance on it.

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Quoting Derekthedomino

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Can she really sell the car though? She'd have to put alot of money down. I'm going to try to get it refi'd in my name, but the intention was this car was for me.

Plus she can't even drive it because she has no insurance on it.

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I cannot comment on her financial decisions.

I can say that if the car is in her name, she has the right to sell it.

On the title, whose name is on it under "owner" or "lessee"?

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Quoting Derekthedomino

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I personally put 4000 dollars down, and have already made the first payment . . .
she would have to shell out 6000 or 7000 to cover the upside down part of the loan

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Question: You put $4k down PLUS you're upside-down $6k ?? That says the car is currently worth $10,000 less than you paid for it. Let's say the car loses 20% of its' value just by driving it off of the lot. Did you just purchase a $50000 car with a girlfriend?

who is on the loan is irrelevant. It is who is on the title of the car and how they are linked on the title.

If it states "or" between the two names, if there are in fact 2 names on the title, yes, she could sell the car without your permission. If only her name is on the title, yes, she could sell the car. If it is both with either no conjunction or with "and" or just your name, she cannot alter the title without your permission.

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Quoting Derekthedomino

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Do I have a chance getting this refinanced??

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Seems there's a chance: "(WellKnown Finance Company) is one of the few lenders that will refinance a vehicle for more than its current value."

What is your current interest rate? If it is high, you may be able to get a lower one with a re-fi.

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Quoting Derekthedomino

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she can't even drive it because she has no insurance on it.

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She can easily pick up the phone, call her insurance company, and add it to her policy.

The title is in both of our names, so yes "And".

justtoonice - I rolled over negative equity because I did a trade-in. Which is why she would have to make up the difference for that negative equity.

My interest is a vairable one, I think its 6%.

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Quoting Derekthedomino

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The title is in both of our names, so yes "And".

justtoonice - I rolled over negative equity because I did a trade-in. Which is why she would have to make up the difference for that negative equity.

My interest is a vairable one, I think its 6%.

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So it sounds like you have to find yourself some financing tomorrow.

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Quoting cyjeff

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So it sounds like you have to find yourself some financing tomorrow.

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why? the girl cannot do anything without the OP's agreement.

Now, one thing to be aware of: either of you have a legal right of possession of the vehicle. That means, if she comes and takes it, the police cannot do anything just the same as if you go an take it back.

Lol what a mess eh? If she tried to take it, I'd inform the police she is driving the car without insurance.

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Quoting Derekthedomino

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Lol what a mess eh? If she tried to take it, I'd inform the police she is driving the car without insurance.

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Oh, so that means you are now driving it without insurance either. Kind of like the pot calling the kettle black don't you think?

No I have insurance on the car, but she does not. Since she is living at the same residence and I do not give her permission to drive it, she won't be insured correcT?

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Quoting Derekthedomino

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No I have insurance on the car, but she does not. Since she is living at the same residence and I do not give her permission to drive it, she won't be insured correcT?

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the car still legally has insurance on it and that is all the state cares about.

Actually, since she is on the title, I do not think you could legally exclude her from the policy anyway. On top of that, she does not need your permission to drive her car.

So what if there is only one key to the car? And I have that key? Does she get the rights to take it away from me?

you both have an equal right to posses the vehicle. as such, you would each have a right to posses the key. Neither has a requirement to deliver the car or the key to the other on demand.



btw: it's easy for her to get a key.

How would she be able to get another key if she doesn't have the original?

So if we both have equal right on the key...well heh what are we going to do cut it in half? I understand what you are saying, but it sounds like one big fight brewing...

with the VIN and proof of ownership, the dealership can sell her a key.

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Quoting Derekthedomino

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No I have insurance on the car, but she does not. Since she is living at the same residence and I do not give her permission to drive it, she won't be insured correcT?

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If she lives at the same residence and unless she is specifically excluded, then she is more than likely covered as well.

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Quoting jk

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with the VIN and proof of ownership, the dealership can sell her a key.

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I see. It's a 250 dollar key too...but wow, I really gotta get this refinanced.

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Quoting That Guy

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If she lives at the same residence and unless she is specifically excluded, then she is more than likely covered as well.

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According to an insurance law I read, if a person who is driving your car and lives at the same residence must have their own insurance. Its only outside of that residence where they can drive the car.

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Quoting Derekthedomino

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No I have insurance on the car, but she does not. Since she is living at the same residence and I do not give her permission to drive it, she won't be insured correct?

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You do have liability insurance --
"What is liability insurance?
Liability insurance is coverage for bodily injury you cause to another person or for property damage you cause to another's property through negligent operation of your vehicle. Liability insurance also affords coverage if the accident was caused by a member of your household driving your vehicle or by a person using your vehicle with your permission."

From Colorado Division of Insurance (pdf)

Phew...well the moral of the story is, that I gotta get it refinanced.