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In a car loan scenario, while you are the owner of the vehicle, the bank holds the title until you pay off the loan. Consequently, you're recognized as the owner, meaning your insurance covers you, not the bank. You can sell or refinance the car, as you retain ownership despite the title being held by the bank. Once you've paid off the loan, the bank sends you the title, confirming that you are now the full, unrestricted owner of the vehicle. This arrangement is typical in financing agreements for vehicles.