Quote:
Originally Posted by dizz81
When you buy a car, unless you pay cash for it outright you don't own that car either. The bank does. If you total the car and it's worth more than you owe on the car you get to keep whatever is left.
How's that any different from what's going on here? I'm genuinely asking.
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Because you have entered into a contract to own the vehicle over time. You techically own the loan which then buys a car in your name, and the bank has a collateral lein against it.. The bank is a leinholder, not an owner of the car. Lein is released when you pay the loan in full back to the bank..
A lease is renting a car for a period of time from a separate owner.