Ive never financed a car before. I have always bought them straight out. Obviously when you pay full, you basically own the car right then and from then on you can put whatever mods on it that you want. But i was wondering how it works. Lets say i finance X car for X amount of months. Can i still mod it .... ?? Its technically not fully mine yet.

Any input.

Ps yes i already have an rx8 but im asking for my future car lol.

and im sorry for the stupid question

Thanks guys

 

The only time it matters is if you are Leasing the car.
Because, at the end of your lease term, you are pretty much giving the car back.

If you are financing, mod it to high heaven, and enjoy.
Its your car.

The only people who can tell you otherwise is the dealer, when you bring the car in for warranty work, and you know all the reasons behind that.

BC.

 

...i'm still making payments and i'm sorta kinda a little modded



technically the bank owns the car but you financed it with the intension of owning it (which means you've agreed to pay the loan back in full + interest) so you're free to mod it however you want. If you default on the loan and get it repo'd then the bank will seize the car in whatever condition it's in and then you will enter a new level of **** storm that will haunt you for years

Also, +1 on what bladecutter said about leasing and warranty work.

 

Okay thanks guys !!!

 

Is X car an evo by any chance?

 

What's the potential car?

 

WRX sti sedan , evo x , OR the mysterious car that i dont really wanna say just yet . Lets just say the last option has got some JDM torque . In the process of really researching about all cars before i finalize lol. All the pros and cons of each etc etc. The switch wont be for a while though so the 8 will still be with me for maybe a year or 2 more.

 

Poeple who say "you dont own the car/house/whatever until you pay off the loan" are confused. There's a legal difference between ownership and terms of a loan.
You legally own the car, have full property rights, etc.
You also legally owe them money haha. But they are not directly bound to one another.

 

You own it but ownership and loan are bound to one another because your whatever is security on the loan. You're required to protect the whatever. Usually that just means you must have insurance. Fine print might specify other levels of care.

Ken

 

okay thanks for the info guys. Greatly appreciated. I may be leaving the rotary community and moving on

 

^ so soon eh? the rx8 let you down? I can see you're tempted by the 370z

 

Let down isnt the right phrase. I love my rx8 dont get me wrong. Its a beautiful car, i love its uniqueness, the way it turns heads on the road. But im just getting bored i guess. Maybe its cause i havent modded in a long *** time or maybe i really am losing interest. I want something with more torque and boosting the 8 is something that may end up in a huge disaster (in my hands at least). No matter what though ill still be attached to this car ... whether i sell it or not.

 

Yep... the car is yours. The finance company has a lien (security interest) on the car and will often physically hold the title (prevents you from getting a title loan among other things - which could cause issues as 2 now have an interest in the vehicle). The title itself (who owns) is in your name not the finance company.

A lease is different. The vehicle is never yours unless you buy it out at the end. In a lease you pay for rights to use the vehicle. Ownership remains with the leasing company. Modding a leased car is asking for trouble.