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Technically if you take credit/a loan to pay for the car, you are not the owner of the car, the bank is, and you’re just in possession of the title, so it’s not
by yladiz 3y ago
Technically if you take credit/a loan to pay for the car, you are not the owner of the car, the bank is, and you’re just in possession of the title, so it’s not exactly the same as this situation.
- JumpCrisscross 3y ago> Technically if you take credit/a loan to pay for the car, you are not the owner of the car, the bank is, and you’re just in possession of the title You are the owner, they just have a lien. Before that qualifies as ownership, possession takes hold.
- dharmab 3y agoMost states distinguish between the registered owner and the legal owner, and a lienholder is the legal owner. Houses are different; you legally own your house while paying the mortgage.
- 1123581321 3y agoRight, it’s not exactly the same, but a title lien is not the same as a title in the name of the lender, and we still consider the car to be owned by the buyer during the loan period for every purpose except the right to discontinue the loan. I was hoping a more familiar example might help that person understand that sales agreements are a widespread practice and enforceable (for better and worse.)