New Mexico Odometer Statement Form

What is the New Mexico Odometer Statement

The New Mexico odometer statement is a legal document required when transferring ownership of a vehicle in the state. This statement discloses the vehicle's odometer reading at the time of sale, ensuring transparency in the transaction. It is essential for preventing odometer fraud, which can mislead buyers regarding the true mileage of a vehicle. The odometer disclosure statement in New Mexico must be completed accurately to comply with state regulations and protect both the buyer and seller.

How to Obtain the New Mexico Odometer Statement

To obtain the New Mexico odometer statement, you can use the official form known as Form MVD 10187. This form is available through the New Mexico Motor Vehicle Division (MVD) website or at any MVD office. You may also receive the form from the seller when purchasing a vehicle. Ensure that you have the necessary vehicle information, including the VIN and current odometer reading, to complete the form accurately.

Steps to Complete the New Mexico Odometer Statement

Completing the New Mexico odometer statement involves several straightforward steps:

1. Obtain the MVD 10187 form from the MVD website or your seller.
2. Fill in the vehicle identification number (VIN) and the current odometer reading.
3. Provide your name and address, along with the buyer's information if applicable.
4. Sign and date the form to certify the accuracy of the information provided.
5. Submit the completed form to the MVD during the vehicle registration process.

Legal Use of the New Mexico Odometer Statement

The New Mexico odometer statement serves a critical legal function in vehicle transactions. It is legally binding when completed correctly and signed by both the buyer and seller. This document helps to establish the legitimacy of the odometer reading, protecting against potential disputes or claims of fraud. Compliance with state laws regarding odometer disclosures is essential for both parties involved in the transaction.

Key Elements of the New Mexico Odometer Statement

Several key elements must be included in the New Mexico odometer statement to ensure its validity:

• Vehicle Identification Number (VIN): This unique identifier is crucial for tracking the vehicle's history.
• Odometer Reading: The current mileage must be recorded accurately.
• Seller and Buyer Information: Names and addresses of both parties should be clearly stated.
• Signatures: Both the seller and buyer must sign the document to validate the transaction.
• Date: The date of the transaction must be included to establish the timeline of ownership transfer.

Disclosure Requirements

When filling out the New Mexico odometer statement, certain disclosure requirements must be met. The seller is obligated to provide an accurate odometer reading and disclose any known discrepancies or issues related to the vehicle's mileage. Failure to comply with these requirements can lead to penalties, including potential legal action for fraud. It is crucial for both parties to understand their responsibilities in this process to ensure a smooth transaction.