Registering on the PPSR informs people if personal property such as cars, goods, or company assets are subject to security interests.
If you are buying a second-hand vehicle privately, you should check the vehicle’s VIN on the PPSR to see if it might be repossessed.
Recently, a car dealer owner got scammed by two men who sold him two used cars for $40,000. The models seem sufficient. There were keys, logbook, car registration papers, and everything that shows its legibility. “It was as clean as a whistle” the owner said. He also drove the cars for a test drive and they were pretty okay. Few days after transferring the ownership to the dealer, the police came and said that the status of the cars were stolen. Not just that, the owner found out that those two men also went to the bank to report the loss and was also given money by the bank for that.
This shows how important it is to check the PPSR. You will get other useful information about the vehicle including any available records of police interest in the vehicle and whether the vehicle is recorded as having been written off.
Please be vigilant when buying a car and when you need financing, as the leading car lender in Sydney, AHA Money would be able to help you and extend a loan for you even if you are a non-PR holder. Whether you are under a student visa, work visa, or business visa, AHA Money is there to for you.