>Any item under a payment plan basically belongs to the lender or source.
>>Anything can be reposessed if one does not make the agreed-to payments on
>>schedule. If it's bought on time, it isn't actually yours until it's
>>completely paid off. THat's why you don't get the title to your car unless
>>you either pay cash, or until after you have finished making ll the >>payments.
>>
>
> Umm, not exactly. In real estate, there exists two forms of title -
> legal title and equitable title. Legal title rests with the mortagee,
> and equitable title with the mortgagor. In essence, there are two
> owners, until the mortgage is paid off, then the two titles merge in
> the mortgagee who then has complete title.
At last, someone with knowledge.