Chattel Mortgage

Put simply, under a Chattel Mortgage the financier advances funds to the customer to purchase a vehicle, and the customer takes ownership of the vehicle (chattel) at the time of purchase. Essentially, the financier then takes a ‘mortgage’ over the vehicle as security for the loan, by registering their interest over it with the Personal Properties and Securities Register (PPSR – www.ppsr.com.au) Once the contract is completed, the security interest is removed giving the customer clear title to the vehicle.

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