Maybe I'm missing something since I'll never own a new car with borrowed money now, and never have in the past.
As it works here in NY - IF you buy a new car but do NOT pay for it with your own money, it goes like this. The lender is the lein-holder and has it's name on the title you get from the state. So, the "buyer" is not the true owner. Part of that lending agreement is that . . . the car is always covered with enough insurance to cover a loss. If there is a loss, the money-lender gets notified. If insurance lapses, the State DMV notifies the lender.
Now, again here in NY, farms sold on "land contract" can be done many different ways. One is - the seller keeps title until the loan is 100% paid. So, during that payment time, the seller is still . . . legally the owner and gets the tax bill. Having a "contract" does not make you the owner. If your contract is recorded, technically you are the contracted buyer, not the owner - until the grantee's deed gets recorded in your name and you get the tax bill.
Land contracts can differ a lot. All depends on how written. Part of the contract usually specifies who pays insurance, who pays taxes, if any tree cutting is allowed, how building maintenance is done, etc. When banks lend money, they make their own rules for mortgages. When private owner's sell land by contract, they make their own rules.
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