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In a vehicle purchase scenario, the buyer becomes the owner of the car immediately, even when a loan is involved. The bank temporarily holds the title until the loan is fully paid. While the bank technically has title ownership, the buyer has rights such as insuring, selling, or refinancing the vehicle. The insurance covers the buyer as the driver, not the bank. Once the loan is paid off, the buyer receives the title, solidifying full ownership. This arrangement is common in car loans, where an "agreement for sale" exists until the debt is cleared.