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In the video, it is explained that when purchasing a car with a loan, while you are technically the owner, the bank holds the title until the loan is paid off. This means that although the bank possesses the title, you, as the borrower, have the rights of ownership. Your insurance covers you as the driver, not the bank. Throughout the loan period, you can sell or refinance the vehicle, maintaining ownership rights. Once the loan is fully paid, the bank sends the title to you, transferring full ownership and concluding the agreement. The arrangement emphasizes that ownership and title holding can be distinct in financed purchases.
