The Purpose of Undertaking a PPSR VIN Check
The official register of a security interest in personal property maintained by the Government of Australia is known as the PPSR (Personal Property Security Registration) system. For defining personal property from the PPSR perspective, it includes cars, company assets, boats, used goods, and intellectual property but leaves out land or fixtures.
This system was
introduced on 30th Jan 2012 and this new process did away with the
existing registers maintained by states such as the REVS and other vehicle
registers and the ASIC Register of Company Charges.
There are
several reasons for doing a PPSR VIN check before buying
used cars, caravans, boats, and any other types of vehicles. The VIN or
Vehicle Identification Number is a 17-digit exclusive one that is allotted to a
vehicle after manufacture. Each digit comprises a mix of alphabets and numbers that
represents one trait of the vehicle. These are where
the vehicle was built, the manufacturer, brand, engine size, and type of
vehicle, the security code that denotes that the car has been authorized by the
manufacturer, the model, the year of the vehicle, and which plant manufactured
the car.
All
these details can be verified through a PPSR VIN
check report physically against the
vehicle intended for purchase. Further, you will also know if the vehicle is a
stolen one or has any loans outstanding against it from a financial
institution. In the case of the latter, if there are dues, you cannot transfer
ownership to your name after making full payment for it.
A PPSR VIN check report can be taken from specialized
websites in this field. Submit all the particulars including VIN and the report
will be with you in seconds.
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