My question involves personal finance in the State of: Colorado
A year ago I bought a car, since I am young I needed my parents to co-sign for me to get the loan. Only my name is on the title. I don't live with them, but we have been having issues lately which has caused them to threaten me with taking away my car. I have made all payments on time and have proof of this. Yesterday after another fight they told me that they went into the bank the day before and paid off my car in full. Then they said that they expected me to pay them off for the amount they paid on it.
My question is since they paid off the loan would the bank transfer ownership on the title without my permission or me being involved? Can they show up and take the car legally? We never made any agreement that I would pay them for the total amount they paid 2 days ago. They never told me they were going to do this. I don't have the money to pay them fully for the car currently(reason for the loan in the first place).
I am not trying to steal this car from them, due to my morals on the matter. I have every intention of leaving the car at their house with the keys and title AFTER I have another car. I live 30 miles from college so I need a car to get back and forth from school and work. I was planning on buy another, cheaper, car outright in a couple of weeks when my school grants come in. Then selling my current car and paying the bank loan off.
So I need to know if they can legally take the car within the next 2 weeks before I can get another car?
Thanks for your advice. Hopefully this hasn't been cover a million times, I did a search and didn't find anything in regards to parents paying off the loan.

