You're right on that. The bank did nothing wrong. If the signer has good credit many times they release funds on the spot and do title follow up later. If you have good credit and assetts, they know you'll pay. You sign a note for the loan, the bike is simply collateral (which doesn't have to be perfected). The only way out for her is if title never got transferred and the bank charged her for title transfer. This would now become a loan "fee" and if not properly disclosed in the APR, the bank has problems. In short, if you're going to finance a bike, go to a "reputable" dealer.
Topic: loan, follow up to scam (Read 2421 times)