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The PPSR (Personal Property Security Registration) system is the Government of Australia’s official register of security interest in personal property. These interests are mainly related to debts and other obligations that represent financial lien on personal property. The details of the PPSR Certificate for a specific property can be accessed by anyone on an online noticeboard round-the-clock. Starting 30th Jan 2012,PPSR went on to substitute many state-based registers like the REVS and other vehicle registers, the ASIC Register of Company Charges, and others to be combined into one national register.
In short, before buying or lending money against personal property, you should obtain a PPSR Certificate to know if anybody else has registered an interest in that property. Searches stretch into millions every year in Australia. Personal property that falls under PPSR searches include scars, company assets, boats, cars, used goods, and intellectual property but does not include land or fixtures. So, before buying a used car carry out a PPSR VIN check to ensure there are no other interests in the vehicle and you can get a clear title and rights after investing in it.
Before going to the how and why of carrying out a PPSR VIN check, it is necessary to understand what VIN is. VIN or Vehicle Identification Number is unique to every vehicle. For cars, it can be found embossed on the doorpost on the driver’s side or on the dashboard part that is nearest to the windscreen. For caravans, it can be found on posts beside every window or at the entry. The VIN consists of 17 characters in an alpha-numerical form. Each letter denotes one aspect of the vehicle such as manufacturer, brand, engine size, type of vehicle, model, year, and plant of manufacture. The last six numerical represents the serial number of the vehicle.
The main purpose of conducting a PPSR VIN check is to get an accurate picture of the vehicle that you are buying. While swindlers do put fake VIN plates on cars to pass off stolen ones, you cannot be taken for a ride if you have a PPSR VIN check as all particulars of the vehicle will be before you for immediate checking of its authenticity.
Another reason for getting a VIN check is to verify if the car or bike or caravan that you intend to buy is under any lien with a financial institution and whether the present owner has complete rights over the title. Verify if there is a financial obligation that is to be closed before the vehicle can be sold through a PPSR VIN check to avoid the possibility of being unable to register the vehicle in your name after payment has been made.
Other reasons for a PPSR VIN check include whether a car is flood-damaged, has a tampered odometer, and if it has ever been involved in a major accident.
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