5 Things You Should Know About PPSR Reports
- Jul 20, 2018
So the last time you bought a used car was 10 years ago almost. You did a “REVS check” to see if the car had a loan out against it, saw it didn’t, and went on with the purchase. Now it’s time to get another used car, you go looking for a REVS check — and suddenly you can’t find one. All you can find is something called a “PPSR” report or a “VIN” check and suddenly you don’t know what to do.
Well, good news — a PPSR report or VIN check is the same as a REVS check, but better. Much, much better. You still get to find out if the car has liens, but you also get so much more.
Here are 7 things you should know about PPSR reports.
1. What is “PPSR” short for?
The Personal Properties Security Registry. It’s a national, digital database where people and businesses can register security interests in personal property.
Or in plain English: If something like a car, boat, or even an expensive piece of art is used as part of a loan (think of using a car as collateral on a car loan), it gets noted in the PPSR.
2. What’s the difference between the PPSR and REVS?
REVS was the Register of Encumbered Vehicles System. It was state-based and could only be accessed in the state the vehicle was registered in. It also only provided encumbrance details along with basic manufacturing information.
Today, the PPSR is also connected to several other systems, such as the National Exchange of Vehicle and Driver Information System. This means that you not only get financial information, but more general information about the state of the car.
Make, model, year, engine part number, date of registration, whether the car has ever been written off, stolen status — it’s all there. Any time something major happens to the car, its information is updated on the PPSR.
3. Who can use the PPSR?
Individuals and businesses can use the PPSR.
Individuals can recall information from the PPSR in the form of a PPSR report. This will give them plenty of information to help protect them from dodgy private sellers.
Businesses can use the PPSR to register personal properties securities, and to check if a personal property already has a lien. The former allows the business — such as a financial institute — to legally stake its claim on the item while the debt is still outstanding. By registering the item on the PPSR, it’s acknowledged that they have legal recourse to take possession of the vehicle to pay back the loan if certain conditions are or aren’t met.
Additionally, it allows businesses to avoid using a personal property as security that’s already registered. It’s just as risky for a business to do it as it is for an individual to purchase the vehicle.
4. What information do I get in a PPSR report?
Obviously you’ll get information on the financial encumbrance of the vehicle. That’s still the same as the old REVS checks.
But you’ll also get:
Stolen status. Has the car ever been listed as stolen? The PPSR report will let you know. This can be a simple, but vital, way to avoid buying a stolen vehicle from a dodgy seller.
Write-off status. Has the car ever been written off in an accident? If so, why? Was it a repairable write off, or a total write off? The PPSR will let you know, as well as provide details about what was listed as faulty with the vehicle.
Car details, such as make, model, year, and even the engine part number.
Registration details. Is the car registered? If so, for how long?
As you can see, this is a much more powerful tool for when you’re out shopping for a used car. Rather than a stack of different searches, everything is condensed into a single, easy-to-read report.
5. How do I get a PPSR report?
It’s easy! Just enter the car’s details. You’ll either need the Vehicle Identification Number (VIN), or the car’s rego and state. Enter those two, pay the nominal fee, and in a few minutes — done! You’ll have your comprehensive car history report in the palm of your hand.