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In a car loan scenario, the bank holds the title to the vehicle while you, as the borrower, are considered the owner. This means you have the right to use, sell, or refinance the car even though the bank technically owns the title until the loan is paid off. Your insurance covers you as the driver, not the bank, since you are the owner of the vehicle. Once you pay off the loan, the bank will send you the title, and you fully own the car without any further obligations. This arrangement highlights the distinction between title ownership and rightful ownership of the vehicle during the loan period.