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>When you finance a car, the vehicle becomes collateral for a loan, but it belongs to you.

This is not true - In my state you don't get mailed the title to the car until after the loan is paid.

You don’t get mailed the title, but it’s your name on the title that the state holds (whether on title or electronically). So you don’t have the ability to sell it directly, you still own and are responsible for it.

Many banks will hold the title for you, but the title is technically in your name. For most people there safe is a better place to keep the title, most people don't really have a good safe to store documents like this. You only need a title when you sell or move states. Either way you will need the bank involved.

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