Unless you paid cash, you didn't buy a car, the bank did
Entirely, 100%, wrong. The title is in my name (not the banks). A lien is NOT the same thing as ownership.
Five years ago I bought a new car or $22K. I had a choice, sell some assets (stock) and pay cash, or get a cheap 5-yr loan (0.9%). I took the loan. Today, my loan is paid off, i still have the car, I also have not had to put any money into it, I could sell the car if I wanted, and my original $22K is now worth about $37K. Even if the car lost half its value (it didn't), I still have about $4K left. You, on the other hand, are out $700.
You may THINK you 'have better things to do with your money', but paying cash when cheap loans are available is just dumb.