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 making known a security interest over certain personal property. Personal property includes things like 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:
The details of the asset (e.g. VIN number for a vehicle)
PPSR registration number
Date & time the security was registered
Name of the secured party (e.g. the finance company)
Contact details of the secured party
Name of the debtor
WHY IS IT IMPORTANT?
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. Approximately one in three vehicles in New Zealand are registered on the PPSR.
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.