So what is the Personal Property Security Registration or PPSR as it is called in its abbreviated form?
The Personal Property Securities Register (PPSR) is the Government register where security interests over personal property may be registered and can be searched.
The PPSR was created as a result of the Personal Property Securities Act 1999 coming into force on 1 May 2002 and it replaced a number of existing registers including the Chattels Register, Motor Vehicle Securities Register, and the Register of Company Charges.
So why do I need a PPSR Check?
If you buy a used car with money owing to a financier from a previous owner, it could be repossessed? If you don’t check for financial security or lien you could end up losing the car you have just purchased.