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.
An odometer disclosure statement with lien release is a legal document that serves to provide transparency and protect buyers, sellers, and lenders involved in a vehicle transaction in Washington state. This statement is required by the Washington State Department of Licensing (DOL) and serves to disclose the accurate reading of the vehicle's odometer at the time of sale or transfer. When a lien exists on a vehicle, it means that the owner has used the vehicle as collateral for a loan. When the lien is paid off, the lien holder releases their claim on the vehicle, and a lien release is issued. In Washington, an odometer disclosure statement with lien release combines these two important components in a single document. The main purpose of the odometer disclosure statement is to prevent fraud by providing a record of the vehicle's mileage. Accurate mileage is crucial as it can significantly impact the vehicle's value, maintenance history, and potential mechanical issues. It protects buyers from unknowingly purchasing vehicles with rolled-back or tampered odometers. There are several types of odometer disclosure statement with lien release documents recognized in Washington: 1. Odometer Disclosure and Lien Release Statement (Form TD-420-040): This is the standard and most commonly used form for odometer disclosure with lien release. It includes all the essential information, such as the vehicle identification number (VIN), mileage, buyer and seller information, and lien release details. 2. Odometer Disclosure Statement — Seller’s Assignment and Lien Release (Form TD-420-001): This document is specifically designed for sellers who are also lien holders. It allows them to release the vehicle’s lien while providing accurate odometer information. 3. Odometer Disclosure Statement — BuyerLien holderlder Notification (Form TD-420-067): This form is used when a buyer obtains financing from a lender and the lien holder wants to be notified of the vehicle's accurate mileage. It is essential to complete the appropriate odometer disclosure statement with lien release form accurately and in detail to comply with Washington state laws. Both the buyer and seller must sign the document, acknowledging the accuracy of the mileage and the release of the lien. Failure to disclose the correct mileage or provide a lien release can lead to legal consequences. Therefore, it is highly recommended consulting with the Washington State Department of Licensing or seek legal advice to ensure compliance when completing an odometer disclosure statement with lien release.
