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280 PART 580 ODOMETER DISCLOSURE REQUIREMENTS Gpo Form
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People also ask
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Who fills out an odometer statement?
FEDERAL LAW (AND STATE LAW, IF APPLICABLE) REQUIRES THAT THE LESSEE DISCLOSE THE MILEAGE TO THE LESSOR IN CONNECTION WITH THE TRANSFER OF OWNERSHIP. FAILURE TO COMPLETE OR MAKING A FALSE STATEMENT MAY RESULT IN FINES AND/OR IMPRISONMENT.
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What are the requirements for the federal odometer disclosure?
Section 580.5(c) requires a transferor to sign, and to print his/her name on an odometer disclosure statement with the following information: (1) The odometer reading at the time of transfer (not to include tenths of miles); (2) the date of transfer; (3) the transferor's name and current address; (4) the transferee's ...
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When did odometers become standard?
By 1925, Stewart-Warner odometers and trip meters were standard equipment on the vast majority of automobiles and motorcycles manufactured in the United States. By the early 2000s, mechanical odometers would be phased out on cars from major manufacturers.
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What year did odometers go to 6 digits?
Something to keep in mind here is that most car manufacturers didn't start installing six-digit odometers in U.S.-market vehicles until the early 1980s (with the notable exception of Volvo and Mercedes-Benz), with some Detroit companies hanging onto the old five-digit units well into the 1990s.
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Is the odometer exempt by federal law?
Federal regulations require an LSV to have a speedometer, but not an odometer.
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When did odometers become mandatory?
In 1972, Congress enacted the Motor Vehicle Information and Cost Savings Act (Cost Savings Act) to, among other things, protect purchasers of motor vehicles from odometer fraud. See Public Law 92-513, 86 Stat. 947, 961-63 (1972).
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Is the odometer exempt by federal law?
Federal regulations require an LSV to have a speedometer, but not an odometer.
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What is the Federal Odometer Act of 1972?
The Federal Odometer Act, passed in 1972, modified the United States Code to prohibit tampering with a motor vehicle's odometer and to provide safeguards to protect purchasers in the sale of motor vehicles with altered or reset odometers. The Act provides definitions and civil and criminal penalties for odometer fraud.
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