Why is the Vehicles Securities Register important?
The Vehicles Securities Register (VSR) provides a record of financial interests in motor vehicles, motor cycles, trailers and caravans. If a person borrows money to buy a vehicle, they can’t dispose of the vehicle without the permission of the financier (eg. bank). The financier may register their interest on the vehicle on the Vehicles Securities Register. If the person disposes of the vehicle without permission and then fails to repay the loan, the financer may repossess the vehicle from the new owner – and that could be you! Checking the Vehicles Securities Register may save you from buying a vehicle that could be repossessed. For complete protection against possible repossession, you will need to purchase a certificate of registered interests.
