3 ms·

You haven't bought a car till you pay for it. If you buy it with a loan the bank owns it, and can restrict your use of it as they see fit.

• JohnFen 4y ago
  Not true, at least in my state. If you buy a car with a loan, you own the car and the financer has a lien on it. You unequivocally own the car, though. The only restrictions that the financer can put on your use of the vehicle are ones that you agreed to in the loan agreement. They can't just restrict your use of it as they see fit -- unless, I suppose, you were foolish enough to sign an agreement allowing them to. The only restrictions I've ever personally seen have been a requirement to carry comprehensive car insurance for some minimum amount. And, of course, there's a lien on the car so you can't sell it without having the lien removed (typically by repaying the loan).
  • sliken 4y ago
    Interesting didn't know that, figured it worked like a home loan. Banks often have similar insurance requirements and/or PMI for home loans.
  • matheusmoreira 4y ago
    "Foolish enough" to sign an agreement allowing them to do whatever they want? Even website EULAs are all made up of the exact same "we can do everything and you can do nothing" legal boilerplate. Seriously doubt bankers are foolish enough to give people any choice in the matter. What are people gonna do when all the bankers standardize on the same non-negotiable self-interest maximizing contracts?
    • JohnFen 4y ago
      > What are people gonna do Don't take out a loan to buy a car.
  • technothrasher 4y ago
    > Not true, at least in my state. Huh, which state is that? Every car I've ever financed, the bank owns the title until the loan is paid off. Exactly the opposite of mortgaging a house, where I've owned the deed but the bank put a lien on it.