When an individual takes a loan on a vehicle that has either been purchased or leased, the loan details will be sent to the PPSA data system by the lender or bank including the individual’s name, vehicle information, date of birth, loan amount, date of loan and majority date. This information will be listed under the VIN number of the vehicle and posted within the PPSA databank. This remains in the database until the loan is discharged. If someone is purchasing a used vehicle, it is important to ensure that there are no liens or loans against the vehicle being purchased.
Similarly if a corporation has any loans or liens where they have purchased equipment, consumer goods or vehicles the information will be stored in the PPSA database. This information will be useful to determine the debts of a corporation.
