This form is a bill of sale of an automobile. The seller(s) guarantees that the automobile is his/her/their property and is free of all claims and offsets of any kind. The bill of sale also states that the automobile is sold "as-is" without any warranties, express or implied. A separate Odometer Disclosure Statement is included with the bill of sale.
The Arkansas Odometer Disclosure Statement is an essential document pertaining to any vehicle transaction within the state. It aims to provide accurate information regarding the mileage or distance covered by a motor vehicle. This statement is crucial for ensuring transparency and protecting consumers against fraud or misrepresentation. Sellers are required by law to complete this document when transferring ownership of a vehicle. The Arkansas Odometer Disclosure Statement serves as a legally binding agreement between the seller and the buyer, certifying the accuracy of the odometer reading at the time of sale. The statement is generally included as part of the vehicle's title or on a separate form designated for this purpose. It assists buyers in making informed decisions by offering a clear picture of the vehicle's history and preventing any discrepancies or fraudulent practices. In case of a discrepancy between the recorded mileage and the actual mileage on the vehicle, an Explanation of Discrepancy must be included. This explanation should provide a detailed account of the reasons for the discrepancy and must be signed by both the buyer and the seller. It is important for the seller to disclose any known history or events that may have affected the accuracy of the odometer reading, such as repairs, replacements, or any mechanical changes to the vehicle. Different types of Arkansas Odometer Disclosure Statements may exist depending on the circumstances of the vehicle transaction. For example, if the vehicle is being sold by a licensed dealer, the Federal Odometer Disclosure Statement must be completed in addition to the Arkansas Odometer Disclosure Statement. This federal form ensures compliance with broader regulations and provides an extra layer of protection for buyers. To summarize, the Arkansas Odometer Disclosure Statement is a crucial document that helps to maintain transparency and prevent fraudulent practices in vehicle transactions. It certifies the accuracy of the odometer reading and acts as a legally binding agreement between the buyer and seller. Any discrepancies in the odometer reading require an Explanation of Discrepancy, signed by both parties. Compliance with federal regulations may also require the completion of the Federal Odometer Disclosure Statement in certain circumstances.
