The Odometer Disclosure Statement (ODS) is a crucial document that plays a significant role in the transfer of vehicle ownership. In Massachusetts (MA), this statement follows specific guidelines outlined by the state's Registry of Motor Vehicles (REV). The Odometer Disclosure Statement MA formula refers to the standardized method used to disclose and record accurate mileage information during vehicle transactions. The primary purpose of the Odometer Disclosure Statement MA formula is to ensure transparency and prevent odometer fraud. It requires the seller to disclose the exact mileage on the vehicle's odometer at the time of sale or transfer. This information provides potential buyers with an accurate representation of the vehicle's condition and history, as mileage often serves as a significant factor in determining a vehicle's value and potential mechanical issues. There are two types of Odometer Disclosure Statement MA formulas, which are as follows: 1. Federal Odometer Disclosure Statement (Form 729): This is the standard ODS form mandated by the U.S. Department of Transportation (DOT). It includes both federal and state-specific disclosure requirements for odometer reading, buyer and seller information, vehicle identification number (VIN), and signatures from both parties involved in the transaction. 2. Massachusetts-specific Odometer Disclosure Statement: Alongside the federal requirements, the Massachusetts REV has implemented additional guidelines that need to be followed. The state-specific formula may include specific language and provisions related to warranties, disclosures about altered or tampered odometers, etc. It is essential to adhere to both the federal and state regulations while completing this form. To draft the Odometer Disclosure Statement MA formula accurately, sellers should gather the necessary information such as the vehicle's exact mileage, VIN, and other relevant details regarding the transaction. It is imperative to fill out the form honestly and ensure that all information provided is accurate and complete. In summary, the Odometer Disclosure Statement MA formula is a standardized method used in Massachusetts to disclose the vehicle's odometer reading during a transaction. It helps prevent odometer fraud and provides a clear representation of the vehicle's condition. By following both federal and state-specific guidelines, sellers can ensure the legality and transparency of their vehicle sales.
Odometer Disclosure Statement Ma Formula
Description
How to fill out Massachusetts Bill Of Sale Of Automobile And Odometer Statement?
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FAQ
E=Exceeds mechanical limits (the odometer has reached the highest numbers mechanically available and has started renumbering at ?1,? in other words it has ?rolled over?). N=Not actual mileage (the odometer is broken, has been replaced, or the current owner is unsure of the true mileage).
I you have a odometer that only has 5 places for numbers the highest mileage it can record is 99,999. SO when it goes past 99,999 it goes back to 00,000 at that point it has surpassed it's mechanical ability to record accurate mileage.
Federal and State law requires that you state the mileage upon transfer of ownership. Failure to complete or providing a false statement may result in fines and/or imprisonment.
Odometer Disclosure Statement. Information. Step 1 ? Vehicle Information. Step 2 ? Buyer Information. Step 3 ? Seller Information. Step 4 ? Odometer Information. ? WARNING ? ODOMETER DISCREPANCY ? I hereby certify that the odometer reading is NOT the. Step 5 ? Statement of Buyer.
The odometer disclosure should contain: The complete vehicle description (make, year model, body type, and vehicle identification number). The date of sale. Reference to federal and state law with the following or similar wording: