There are many sharks circling the second-hand automotive market ready to feed on the ill-informed and getting a easy REVS check – discovering out in case your automotive owes somebody cash – is one such place. Kellie Buckley’s easy piece of recommendation for these within the used-car market may find yourself saving you some cash and provide you with added piece of thoughts.
There are many issues to think about when shopping for a second-hand automotive: worth; suitability; mechanical soundness and whether or not it has any cash owing on it. And whereas the primary three might be answered by your self and your mechanic, discovering out whether or not there may be any cash owing on a mortgage referring to the automobile – in any other case generally known as a REVS test – is the place there’s loads of crafty folks circling to make just a few bob.
If the time period REVS is new to you, it’s is an acronym for Register of Encumbered Automobiles. It’s the place anybody who has a monetary curiosity in a automobile (like a financial institution or a finance firm) formally registers that curiosity to ensure that within the occasion that the automotive modifications possession (maybe the place the borrower has defaulted on the mortgage, a straight-forward personal sale or trade-in via a seller, or when it’s written-off via an insurance coverage declare) the financier – and never some dodgy seller, or shady personal vendor – pocket the proceeds from that sale. It prevents you from shopping for another person’s debt and likewise, in case your financial institution is lending you some cash to purchase a automotive, they’ll insist that the automobile has ‘clear title’ – which means it has no encumbrances.
In 2012, the register grew to become a part of the federal authorities’s newly launched Private Property Securities Register (PPSR). It doesn’t have the identical ring as REVS, however www.ppsr.gov.au provides the identical fast and cheap service of offering you with clear title earlier than buying your subsequent second-hand automobile.
All it is advisable do to accumulate a PPSR certificates – or REVS test – is enter the automotive’s 17-digit Car Identification Quantity (VIN) into the search bar and for the princely sum of $3.40 you’ll instantly be emailed a report.
And that is the place patrons must beware: A REVS test gained via official authorities channels will price you $3.40, however that official authorities channel seems on the very backside of Google’s search web page with all types of pricey and official-looking alternate options ready on your click on — and your cash — ranked above it.
And whereas it sounds easy sufficient, getting into the phrase ‘revs test’ into Google returns tons of of internet sites able to cost you anyplace between $9.90 and $25 for a similar certificates. The distinction right here is that they enter the VIN into the web site for you, and cost you as much as six instances the value for the privilege. There are far too many unofficial web sites to checklist, however a great rule of thumb is until the web site ends in dot-gov-dot-au, steer clear.
Importantly, too, a REVS test shouldn’t be confused with a automobile historical past report, which advises would-be house owners if the automobile has been written off (statutory or repairable) or stolen, and so forth. This info may also be gained on the www.ppsr.gov.au web site, however the pointers round written-off autos range from state to state, so do your analysis.