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Hi. I have a client that just got divorced and now needs to get his car in only his name. He has a loan so the title is with the bank. The bank is telling him to go to the DMV and the DMV is telling him that the Bank has to complete paperwork to change the ownership to his name. Any thoughts on who is correct and how I need to help get my client out of this catch 22?
He is wanting to sell the car but thinks it best to fix the title/registration first.
Thanks,
Donna FryerDonna, I see in the directory that you are located in Colorado, so I simply ‘googled’ the question for your state and came up with several seemingly helpful links. Perhaps one of these pages will be useful:
https://info.legalzoom.com/deleting-owner-certificate-title-divorce-colorado-27088.html
https://www.colorado.gov/pacific/dmv/titling-vehicleGood luck,
RoxanneHi Donna,
The bank owns the car, and has the title. The loan is in the man’s AND former wife’s names. Right?
To get the car in his name only, he has to pay off the loan (maybe she will fork over half the money), get the title from the bank, then go to DMV and transfer the title, per the Colorado’s rules (link sent earlier).
He can’t take a title to DMV as long as the bank holds the title. Again, the bank (or whatever lending agency he worked through) owns the car right now.
In any case, it’s a good idea to get the loan paid off and his wife’s name off everything. Then he can sell the cat and get the proceeds.
ms
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