Odometer Disclosure Statement | State Requirements for Vehicle Sellers on Mileage and Odometer

If you're selling a vehicle, it's essential to provide an Odometer Disclosure Statement to protect yourself against potential legal and financial troubles. At BizzLibrary.com, we provide an expertly drafted Odometer Disclosure Statement template that's easy to use and offers complete peace of mind.

What is an Odometer Disclosure Statement?

Under federal law, all vehicle sellers must provide clear and accurate information regarding the odometer's mileage to the buyer before the transaction takes place. An odometer is an instrument that measures and displays a vehicle's distance traveled in miles or kilometers. An Odometer Disclosure Statement is a legal document that informs the buyer about the vehicle's odometer reading at the time of the sale.

Why is the Odometer Disclosure Statement Important?

The Odometer Disclosure Statement is a critical document that serves several essential purposes. Here's why you need it when selling a vehicle:

1. Legal Requirement: The federal Motor Vehicle Information and Cost Savings Act of 1972 requires that vehicle sellers provide an Odometer Disclosure Statement to the buyer. Failure to comply with this legal requirement can result in severe penalties, fines, or legal action.
2. Protects Against Fraud: An accurate odometer reading is essential for the buyer to make an informed decision regarding the vehicle's value and condition. By providing an Odometer Disclosure Statement, the seller is providing the buyer with a legally binding declaration that the odometer has not been tampered with and that the mileage displayed is accurate.
3. Protects the Seller: Providing an Odometer Disclosure Statement can help protect the seller against potential legal and financial liabilities. If the buyer discovers that the odometer reading is inaccurate after the sale, the seller can be held responsible for any damages or losses incurred by the buyer due to the misrepresentation of the vehicle's mileage.

Get Your Odometer Disclosure Statement Template

At BizzLibrary.com, we understand the importance of providing a comprehensive Odometer Disclosure Statement as part of any vehicle sale. Our template is specially crafted to fulfill the legal requirements of most states and ensure a smooth transaction for both the buyer and seller.

Download our Odometer Disclosure Statement template in DOCX format now and complete the sale with confidence. Visit BizzLibrary.com for a range of business document templates, including sales agreements, legal contracts, and more.