Odometer Disclosure Statement - Transferor to Transferee | State Requirements

Buying or selling a used vehicle can be a tricky process, and you want to make sure you have all the necessary paperwork in place to protect your interests. One essential document you need is an odometer disclosure statement. At BizzLibrary.com, we offer a professionally drafted odometer disclosure statement template to help you meet your legal obligations and ensure a smooth vehicle transfer process.

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. It is required by law in many states to protect buyers from odometer fraud. It serves as proof that the mileage on the vehicle matches the actual odometer reading. The statement is signed by both the transferor (seller) and transferee (buyer) and added as an addendum to the vehicle transfer documentation.

Why is an Odometer Disclosure Statement Important?

An odometer disclosure statement is important for both the seller and buyer. Here are a few reasons why:

1. Laws and Regulations: Many states require an odometer disclosure statement as part of the vehicle transfer documentation. Failure to provide the statement can result in fines, penalties, and legal consequences.
2. Resolve Disputes: An odometer disclosure statement serves as evidence of the vehicle's true mileage, protecting the buyer from fraud and misrepresentation claims. It also protects the seller from potential legal issues resulting from inaccurate odometer readings.
3. Warranty Claims: An odometer disclosure statement is necessary for any future warranty claims. The vehicle warranty may only be valid up to a particular mileage, and the statement provides proof of the vehicle's true mileage at the time of sale.

Get Your Odometer Disclosure Statement Template

Ensure compliance with state laws and protect your interests with our professionally drafted odometer disclosure statement template. Our template is easy to use and comes in DOCX format, allowing you to customize it to meet your specific requirements. Simply download the template, fill in the necessary details, and add it to your vehicle transfer documents.

Don't leave anything to chance when it comes to buying or selling a used vehicle. Visit BizzLibrary.com today and access a wide range of legal document templates, including sales agreements, contracts, and more.