PERSONAL PROPERTY SECURITY REGISTER
WHAT IS IT?
The Personal Property Security Register (PPSR) is an official government register of security interests in personal property. It records the details of personal property used as security for loans and outstanding debt.
When someone registers a security interest on the PPSR, they are recording a security interest over specific personal property. Personal property includes cars, company assets, boats, used goods and IP.
We can search the PPSR to see if an asset is recorded on the register and if so, we can return:
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The details of the asset (e.g. VIN number for a vehicle)
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PPSR registration number
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Date & time the security was registered
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Name of the secured party (e.g. the finance company)
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Contact details of the secured party
WHY IS IT IMPORTANT?
Approximately one in three vehicles in Australia are registered on the PPSR.
If a vehicle is registered on the PPSR the secured party has first right to the asset. This means that if you unknowingly purchase or trade-in a vehicle on the PPSR, it could be repossessed by the secured party regardless of who owns it now.
When purchasing a vehicle with a record on the PPSR, you want to make sure that the person selling the vehicle will pay off the loan or debt immediately so that the vehicle becomes unencumbered for your ownership. You can also contact the secured party directly to ensure this is done correctly.
FREE STATUS CHECKS FOR 14 DAYS
When you've conducted a PPSR search, staying on top of any changes can be crucial for various vehicle-related processes. InfoAgent's new, free PPSR Status Check service allows you to do just that, helping you avoid unnecessary rechecks and streamline your operations.
For up to 14 days after your initial (paid) PPSR search, you can use this service to quickly determine if there's been a change in the security interest status. While it doesn't provide the specifics of any alterations, it gives you a clear indication, empowering you to act only when necessary.
Here's what each status means:
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CHANGED: The security interest details have changed since your original search
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UNCHANGED: The security interest details have not changed since the original search
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SEARCH_EXPIRED: The 14-day period has expired. You'll need to conduct a new search to determine if security interest details have changed
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UNKNOWN: Security status unknown. Please conduct a new search to determine if the security interest details have changed
By leveraging this free service, you can significantly reduce the costs associated with re-checking the PPSR when no changes have occurred. This helps streamline critical vehicle processes, such as finance applications and online car sales, ensuring you always have the most up-to-date information without incurring additional expenses.