Answer: False
Explanation:
First Federal's security interest is indeed a Purchase Money Security Interest (PMSI) but it doesn't only perfect upon filing a financing statement.
The PMSI can also be perfected by POSSESSION specifically of TANGIBLE CHATTEL PAPER which is simply a document that states that the holder is owed money and has a security interest in the goods associated with the debt.
In this case that Tangible Chattel Paper can be the car's title which can indicate the car loan as a security Interest.
