The Date of Odometer Statement on a New Jersey Title is a crucial document that provides a detailed record of the mileage on a vehicle at the time of its transfer or sale. This statement serves to protect both buyers and sellers by ensuring transparency and preventing fraud related to odometer tampering or inaccurate mileage reporting. The Date of Odometer Statement on a New Jersey Title includes essential information such as the date of sale or transfer, the current mileage as recorded on the odometer, and the signatures of both the buyer and the seller. It serves as an official statement confirming the accuracy of the vehicle's mileage at the time of the transaction. Different types of Date of Odometer Statement on a New Jersey Title include: 1. Private Party Sale: This type of statement is used when an individual sells their vehicle privately to another individual, meaning the sale is not facilitated by a dealership or any other commercial entity. It is important for both parties to accurately record the mileage on the Date of Odometer Statement to avoid any legal issues in the future. 2. Dealership Sale: When purchasing a vehicle from a licensed dealership in New Jersey, a Date of Odometer Statement is usually included as part of the sales paperwork. The dealership is responsible for providing an accurate representation of the vehicle's mileage, and the buyer should carefully review and verify this information before signing the statement. 3. Lease Return: If a leased vehicle is being returned to the lessor (the leasing company) at the end of the lease term, a Date of Odometer Statement is required to document the mileage at the time of return. This statement is crucial as it determines any mileage penalties or charges that the lessee may incur based on exceeding the predetermined mileage limit specified in the lease agreement. It is essential for both buyers and sellers to understand the significance of the Date of Odometer Statement on a New Jersey Title. Accurate mileage reporting ensures fair and honest transactions, provides legal protection, and helps maintain the integrity of the used vehicle market in the state.