As of January 1 2006 all financial institutions that repossess or take possession of a vehicle due to a default in a financial contract, regardless of the type of finance contract, will become the owner of the vehicle, for the purposes of the Road Traffic Act 1974.

They will not be required to notify the Department upon every repossession of a vehicle but will be required to pay transfer and stamp duty where a vehicle has been on sold to a third party. 

Stamp duty exemption forms are available from the Office of State Revenue or online at http://www.dtf.wa.gov.au/.

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