Hondafinancialservices Com Federal Odometer Statement 2017-2025 Form

What is the Odometer Mileage Disclosure Statement

The Odometer Mileage Disclosure Statement is a legal document required in the United States when transferring ownership of a vehicle. This form is essential for disclosing the accurate mileage of a vehicle at the time of sale, ensuring transparency between the buyer and seller. It helps prevent odometer fraud, which can occur if a vehicle's mileage is tampered with. The statement must be completed and signed by both parties involved in the transaction, providing a record that can be referenced in case of disputes.

How to use the Odometer Mileage Disclosure Statement

To use the Odometer Mileage Disclosure Statement effectively, both the seller and buyer must fill out the form during the vehicle transfer process. The seller should provide the current mileage, while the buyer must acknowledge the information. It is crucial to ensure that all details are accurate and legible. Once completed, both parties should retain a copy of the signed statement for their records. This document serves as proof of the mileage at the time of sale and can be required by state authorities during vehicle registration.

Steps to complete the Odometer Mileage Disclosure Statement

Completing the Odometer Mileage Disclosure Statement involves several straightforward steps:

• Gather necessary information, including the vehicle identification number (VIN), make, model, and year of the vehicle.
• Enter the current odometer reading accurately.
• Both the seller and buyer should sign and date the form.
• Make copies of the completed form for both parties.

Following these steps ensures that the odometer disclosure is legally binding and protects both parties in the transaction.

Legal use of the Odometer Mileage Disclosure Statement

The Odometer Mileage Disclosure Statement is governed by federal law, specifically the Truth in Mileage Act. This legislation mandates that sellers must provide an accurate odometer reading when selling a vehicle. Failure to comply with these regulations can result in penalties for both the seller and buyer. It is important to understand that providing false information on this statement can lead to legal consequences, including fines and potential criminal charges.

Key elements of the Odometer Mileage Disclosure Statement

Several key elements must be included in the Odometer Mileage Disclosure Statement to ensure its validity:

• Vehicle identification number (VIN)
• Current odometer reading
• Make, model, and year of the vehicle
• Names and signatures of both the seller and buyer
• Date of the transaction

Including these elements helps to create a comprehensive record of the vehicle's mileage and ownership transfer.

State-specific rules for the Odometer Mileage Disclosure Statement

While the Odometer Mileage Disclosure Statement is a federal requirement, individual states may have specific rules regarding its use. Some states may require additional documentation or have unique forms for odometer disclosure. It is essential for both sellers and buyers to check their state’s regulations to ensure compliance. This can include understanding the filing process, any associated fees, and additional disclosures that may be required during the vehicle transfer process.