Complete Odometer Disclosure Statement - State Requirements & Mileage Reporting

If you're selling a vehicle, an odometer disclosure statement is a crucial legal document that protects both you and the buyer. At BizzLibrary.com, we offer a professionally drafted odometer disclosure statement template that helps you comply with state and federal regulations while safeguarding your interests. Download our template in DOCX format and complete your sale with confidence.

What is an Odometer Disclosure Statement?

An odometer disclosure statement is a legal document used to record the mileage of a vehicle at the time of sale or transfer of ownership. It's mandatory in many states and enforced by federal law under the Truth in Mileage Act (TIMA). The purpose of this statement is to prevent odometer fraud and ensure that buyers receive accurate information about the mileage of the vehicle they're purchasing.

Why Do You Need an Odometer Disclosure Statement?

An odometer disclosure statement protects both the seller and the buyer by providing a clear and accurate record of the vehicle's mileage. Here's why you need this document:

1. Compliance with State and Federal Regulations: An odometer disclosure statement is mandatory in many states, and failure to provide one can result in fines or legal consequences. Complying with state and federal laws helps you avoid potential legal issues and protects your reputation as a seller.
2. Prevent Odometer Fraud: Odometer fraud is a common issue in the used car industry, and it involves rolling back or altering the odometer reading to increase the value of the vehicle. Providing an accurate odometer disclosure statement helps prevent fraud and gives buyers confidence in their purchase.
3. Credibility as a Seller: Providing an accurate and detailed odometer disclosure statement demonstrates your transparency and honesty as a seller. This can help you build credibility and trust with potential buyers and increase the likelihood of a successful sale.

Completing an Odometer Disclosure Statement

To complete an odometer disclosure statement, you'll need to provide the following information:

• The vehicle identification number (VIN)
• The current odometer reading
• The date of the reading
• Your name and address
• The buyer's name and address (if applicable)
• The date of sale or transfer

To ensure compliance with state and federal regulations, ensure that the odometer disclosure statement is signed by both the seller and the buyer and filed with the appropriate agency.

Get Your Odometer Disclosure Statement Template

If you're selling a vehicle, don't put yourself and the buyer at risk. Download our professionally drafted odometer disclosure statement template in DOCX format and ensure compliance with state and federal regulations. It's an essential tool for any vehicle seller looking to protect their interests and reputation.

At BizzLibrary.com, we offer a wide range of business document templates, including legal contracts, sales agreements, and more. Visit our website now to access our collection and take control of your business's legal needs.