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None of my previous motorcycles ever had a "gremlin" bell.
My Sportster had one on it when I bought it. Before I rode it the first time, I cut it off and threw the bell in the trash. (The bell was attached to the crash bars that I removed anyway)
I can hear the gasps of fellow riders now! LOL! Sorry, but I think it is hokey nonsense.
The dealer's F&I guy "gave" me mine when I signed the papers on my bike, andright before I walked out of his office and rang the big bell. Seems to be a tradition around here. Saw the same big bell thing happen at another local competing dealer.
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