I say again, if you pay cash you own your car - not the bank. If you don't beleave me, just miss a few payments and see what happens. Also, besides not paying interest (although you loss the interest you'd be making at the bank (thats not much these days) you're in control of how fast you pay yourself back. I usually go into cheap mode after buying a car to get the money back as fast as possible to minimize any interest loss.

 

Minor nit: the bank does not own your car, even if you finance 100% of the purchase price. Just because they have a lien against your property as security on a loan, it's still your property.

P.S. I've looked all around the rear window/C-pillar area of my TL, and I don't see any exposed metal.

 

If it's your property how come you don't hold the title until the loan is repaid? How come the bank reposesses the car after you miss payments?

 

[QUOTE]Originally posted by vothsc
If it's your property how come you don't hold the title until the loan is repaid?[[quote]

Whose name is on the title in the owner space? Hint: it ain't the bank's. Who pays the annual licensing/registration fees? Again, it ain't the bank.

Go look up the word "lien" sometime.

 

fuque is correct. The name on the ownership space in the title is in fact the legal owner (It's not the bank). Fuque is also correct to point to the word "lien" which is the right to seize property "owned" by the owner, to compensate for unpaid debts for which the lien was filed. The bank simply holds the title with your name on it.

 

Yup.