Buying a used car with financing on it - help understanding PPSR report

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Buying a used car with financing on it - help understanding PPSR report

Postby GabrialKhan » Mon Oct 07, 2019 3:40 am

Hello everyone,,
I'm currently looking at buying a used car and on the PPSR check there is outstanding finance on it. The seller confirms this and says that there is $8,500 owed to Macquarie Leasing and the remainder of the asking price would go to him.

When checking the PPSR report I notice two different "PPSR registration details" and one of them being "Chadstone Ford/Preston Motors Proprietary limited" and the other being "Macquarie Leasing PTY LTD".

The seller says that Chadstone Ford/Preston Motors Proprietary limited are the collateral party as he bought the car through them and that the leasing company "Macquarie Leasing" purchased the car from Chadstone Ford/Preston Motors

Does this sound legit? The way I interpreted it was that there is money both owed to Macquarie Leasing and Chadstone Ford. Or the other scenario is that Macquarie Leasing bought the car from Ford Chadstone and still owes Ford Chadstone money, and the guy I'm buying the car from still owes Macquarie Leasing money (remaining $8,500). So if I were to pay off the amount owed to Macquarie Leasing, they would then pay Ford Chadstone off and the car wouldn't have any other finances or loans on it.

The PPSR is here PPSR

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