If you buy a used car with money owning from the financier from a previous owner than it could be repossessed. Yes, it is very true. If you were not checking from the financial encumbrances like PPSR and revs check then you would end up in losing the car, which you have just purchased.
Before buying any of the used vehicles, you need to always check the PPSR and REVS to see if you owe any money on the vehicle, which you are buying.
There are different ways by which you can quickly check the reliability of the PPSR. You could also be able to get the official PPSR certificate from the Government.
If you want the more comprehensive history of the vehicle then get the car report. That report can be purchased by spending few dollars. In minutes, you will get the most comprehensive report for the used car. There are various online ways also where you would get this report in minutes.
You need to just enter the Vehicle Identification Number i.e. VIN or it is also called as Rego Number in some places. If you enter this in the search box then you would instantly get the single and easy to read the report for the cars history.
What is included in Car Report?
The Car History report will include the following details
Stolen Vehicle check
Odometer Wind-back check
Vehicle Buyback insurance check
Vehicle financial liability check
Official PPSR certificate
First sale information
Current Valuation of Vehicle
Flood and storm damage check
Sales price and odometer reading comparison
ANCAP Safety and emission ratings
For buying any car privately, you should conduct the search of PPSR to check for the owing of the money for the car.
If in search, it is showing that there is a debt registered on PPSR for the car, which you are buying, or if you choose to lease the vehicle. If the seller has stopped making any payments then there are chances that the finance company has listed this on PPSR and then can turn up any time at your doorstep and took the car away from you.