Complete Your Odometer Disclosure Statement with Ease - Lessor and Lessee Mileage Disclosure

The Odometer Disclosure Statement is an essential legal document that protects both the lessor and lessee in a vehicle lease agreement. At BizzLibrary.com, we understand the importance of having accurate mileage records and clearly defined terms when it comes to leasing vehicles. Our Odometer Disclosure Statement template is designed to help lessors and lessees establish a fair and legally binding agreement while avoiding any potential disputes.

Understanding the Odometer Disclosure Statement

According to federal law, all vehicle lessors and lessees must sign an Odometer Disclosure Statement (ODS) at the time of lease. The ODS is a legal document that certifies the accuracy of the odometer reading on the vehicle at the time of lease initiation. It also establishes clear guidelines for reporting mileage at the end of the lease.

Why Do You Need an Odometer Disclosure Statement?

An Odometer Disclosure Statement serves as a legally binding agreement that provides protection for both the lessor and lessee. Here's why it's essential to have one in place:

1. Accurate Mileage Tracking: The ODS ensures that accurate mileage records are maintained for the leased vehicle. This is important for determining the vehicle's residual value (the vehicle's worth at the end of the lease term) and for calculating penalties in the event of excessive mileage.
2. Protect Your Business Interests: As a lessor, the ODS can protect your business from potential fraud or legal disputes related to mileage. It provides clear guidelines for lessees to report mileage accurately and allows for penalties in the event of excessive mileage.
3. Prevent Penalties and Additional Costs: As a lessee, the ODS can protect you from penalties and additional costs related to excessive mileage or damage to the vehicle. It provides a clear record of the vehicle's mileage at the time of lease initiation, which can be used to dispute any inaccuracies or discrepancies at the end of the lease term.

Get Your Odometer Disclosure Statement Template

Protect your business and ensure a fair and legally binding agreement when leasing vehicles. Download our professionally drafted Odometer Disclosure Statement template in DOCX format today. It's an essential tool for any lessor or lessee looking to establish a solid foundation for their lease agreement.

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