Question about PPSR Showing CX-9 Vehicle Type and That Is Still under Finance. Please Help

ashftc on 29/04/2022 - 11:09
Last edited 29/04/2022 - 12:31 by 1 other user

Hi All,

I have recently short listed a CX-9 Azami 2020 from a dealer based in Sydney. I ran PPSR report and found that car is under finance. Dealer assured me that full money has been paid and they are waiting for PPSR to reflect clear status (takes 7 days) and only after that I will make the full payment (currently $500 deposit). My question, is PPSR the only legitimate document reflecting that there is no financing owned on the vehicle? Is there any other document I should ask from dealer or can I pay for another service to double check that no finance is being owed on the vehicle anymore?

Secondly, on PPSR report of my considering vehicle Vehicle Type is coming as LIGHT COMMERCIAL (<3500KG) PANEL VAN WITH WINDO and Year of Manufacturing is coming unavailable. I ran PPSR on another similar vehicle and Vehicle Type is coming as CAR / SMALL PASSENGER VEHICLE STATION WAGON. Does any of this matters at all or am I just overthinking? Will this have any impact on CTP and Rego?

Any help and advice will be highly appreciated. Thanks in advance.

Automotive Car Mazda

Comments

  • Sweetsugar on 29/04/2022 - 11:28
    +2

    If they are a reputable dealer they won't sell a car with finance owing. That's my understanding.

    Just googled. They can't sell a car with finance owning in NSW.

    • ashftc on 29/04/2022 - 11:31

      Well he said he can’t sell without clear title and he paid everything before even advertising. It’s just it takes 5-7 business days for PPSR to reflect clear title.

      • Sweetsugar on 29/04/2022 - 11:31

        He is right. There's a fair trading link you can google regarding this.

        • ashftc on 29/04/2022 - 11:34

          Thanks. Any input on point 2? This vehicle is coming as light commercial under vehicle type. Does it matter?

  • Drakesy on 29/04/2022 - 11:30
    +1

    Ask them to put it in the contract that there's no finance owing, it's the only real way you can cover yourself.

    • ashftc on 29/04/2022 - 11:32

      Great suggestion. I will ask him to do that when we go to pick up the vehicle after PPSR is clear.

      • Muzeeb on 29/04/2022 - 11:54
        +3

        If PPSR is clear then you won't need to.

  • Muzeeb on 29/04/2022 - 11:45
    +3

    I have recently short listed a CX-9 Azami 2020

    Trust us. We know.

    So much drama about buying a car from a dealer.

    • ashftc on 29/04/2022 - 11:54
      +3

      Well what can I say. Some of us are naive and confused and not generally too familiar with the system. It’s not much of a drama but probably being over cautious when you’re about to spend years and years worth of savings, you want to ensure you did everything to make things right 😊

      Sorry if I have annoyed you.

      • Muzeeb on 29/04/2022 - 11:55
        +2

        That makes sense. Cheers.

  • salmon123 on 29/04/2022 - 12:36
    +1

    they are waiting for PPSR to reflect clear status (takes 7 days)

    It's a standard line that financiers give people … but it takes about 30seconds in reality, someone just needs to pull their finger out and log into the PPSR system.

    Does any of this matters at all or am I just overthinking?

    There's always huge anomalies in the vehicle description in PPSR and RMS system. I've even seen cases where the car has the wrong colour/trim level/shape/transmission in one or both systems.

    I believe these systems require some human input and perhaps people just make mistakes.

    • ashftc on 29/04/2022 - 12:43

      Thanks Salmon. Appreciate your valuable input. I hope it gets cleared soon.

      • salmon123 on 29/04/2022 - 12:50
        +1

        I hope it gets cleared soon.

        It might not actually get cleared until after you buy the car. A dealer will use a variety of financing methods to buy stock. This might include secured financing. It might only get cleared once they sell the vehicle and and pay off the loan.

        I suspect this is why a dealer needs to guarantee a clear title as a part of their license.

        If it's any comfort, I haven't heard of any stories where people bought from a dealer and finished up with an incorrectly encumbered vehicle.

        • ashftc on 29/04/2022 - 13:50

          It definitely gives comfort that buying from dealer gives extra security. Well, as per my dealer he has already paid and settled and there is no finance owed but it’s just the matter of waiting few days until it gets reflected in PPSR. Not once he asked me to pay in full and take the car before clear PPSR. It’s just I am being impatient I guess but I will wait until PPSR is clear (ie no finance owing).

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