In October Dell financial tried to take 2 payments out of a bank account I have had closed to 2 years. They bounced and my bank called and asked what was going on. I called dell they said were sorry send us a fax from your bank telling us what happened and we will refund your 2 over draft fee's...
to add to his answer the lean holder may also require at most $500 deductable on collision. If you pay cash for it and own it outright, then you can choose not to have collision coverage.