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.
Federal Odometer Statement Arkansas Withholding: A Comprehensive Explanation The Federal Odometer Statement Arkansas Withholding refers to a legal requirement imposed by the federal government and the state of Arkansas to accurately record and report the mileage on a vehicle during its transfer of ownership. This statement serves as a vital component in safeguarding consumers against fraudulent practices related to mileage tampering and supports transparency in the used car market. The Federal Odometer Statement, also known as the Federal Odometer Disclosure Statement, is an official document mandated by federal law under the National Traffic and Motor Vehicle Safety Act. The purpose of this document is to disclose the accurate mileage of a vehicle at the time of sale or transfer. The information provided on the Federal Odometer Statement is crucial for potential buyers as it helps to evaluate the value, condition, and overall health of the vehicle. In Arkansas, the withholding of the Federal Odometer Statement is required for every used vehicle transfer involving a motor vehicle that is less than ten years old. This requirement applies to all vehicle sales, whether they take place through private parties, dealerships, or auctions. The Arkansas Department of Finance and Administration (DFA) oversees the enforcement of this regulation to ensure compliance statewide. Several types of Federal Odometer Statements are used in Arkansas withholding, each serving a specific purpose: 1. Federal Odometer Disclosure Statement — This is the primary form required when selling or transferring ownership of a used vehicle in Arkansas. It captures essential information such as the vehicle identification number (VIN), the current odometer reading, and the seller's or transferor's signature. 2. Federal Odometer Disclosure Exemption Statement — This form is used in cases where the vehicle falls under specific exemptions such as being older than ten years or weighing over 16,000 pounds. 3. Federal Odometer Mileage Correction Statement — This document is necessary when a discrepancy is discovered between the current odometer reading and the previously recorded mileage due to mechanical issues, repair, or replacement of the odometer. It provides a legal framework for correction and ensures transparency to potential buyers. Compliance with Federal Odometer Statement Arkansas Withholding is crucial to avoid legal repercussions, including fines and potential civil liability. Buyers are advised to thoroughly review the Federal Odometer Disclosure Statement when purchasing a used vehicle and report any suspicions of mileage fraud to the relevant authorities. Keeping accurate and truthful odometer records protects both buyers and sellers, fostering an honest marketplace for used vehicles in Arkansas while mitigating the risk of potential odometer-related scams. Vehicle purchasers should make it a priority to obtain a Federal Odometer Statement as part of their due diligence to ensure transparency and maintain their rights as consumers.
