Odometer Statement
Definition and meaning
An Odometer Statement is a legally required document that provides information about the mileage of a vehicle at the time of its sale or transfer. This statement is essential for both buyers and sellers to ensure transparency and compliance with federal and state laws regarding vehicle ownership transfer.
The primary purpose of this form is to verify the accuracy of the odometer reading, which can help prevent fraud and protect consumers from misrepresentation regarding a vehicle's history.
How to complete a form
Completing the Odometer Statement involves filling out specific information accurately. Follow these steps:
- Enter the seller’s name and address in the appropriate sections.
- Fill in the current odometer reading.
- Check the relevant box indicating if the mileage exceeds mechanical limits or if it is not the actual mileage.
- Provide the vehicle details, including make, model, year, body type, and Vehicle Identification Number (VIN).
- Sign and date the form.
- Have the buyer also sign the document, confirming they have received the odometer information.
Ensure to keep a copy for your records.
Who should use this form
The Odometer Statement should be used by anyone transferring ownership of a vehicle, including:
- Individual sellers transferring personal vehicles.
- Dealerships transferring pre-owned vehicles.
- Financial institutions selling repossessed vehicles.
- Anyone engaged in a private sale of a vehicle.
It is crucial for all parties involved in the transfer to understand the importance of accurately completing this form.
Key components of the form
The Odometer Statement includes several essential components:
- Transferor's Information: Details of the seller, including name and address.
- Odometer Reading: The current mileage of the vehicle.
- Vehicle Information: Make, model, year, body type, and VIN of the vehicle.
- Certifications: Statements verifying the accuracy of the mileage, including options for discrepancy.
- Signatures: Signatures of both the seller and buyer, along with the date of the transaction.
Each section must be completed accurately to ensure authenticity and to avoid legal repercussions.
Form popularity
FAQ
If your vehicle is equipped with an odometer capable of reading 999,999 miles, you need only write in the odometer disclosure "the actual mileage shown" on the odometer. (NOTE: Do not write in tenths of miles.) (Example: If your odometer reads 118, 666.6 miles, you would disclose 118,666 miles on the title.)
A vehiclea20ac2122s odometer reading is one of the key factors in determining what that vehicle is worth, as it indicates the number of miles a vehicle has traveled. A vehicle with high mileage is worth less than a vehicle with low mileage.
If your vehicle is equipped with an odometer capable of reading 999,999 miles, you need only write in the odometer disclosure "the actual mileage shown" on the odometer. (NOTE: Do not write in tenths of miles.) (Example: If your odometer reads 118, 666.6 miles, you would disclose 118,666 miles on the title.)
An odometer disclosure statement is simply a declaration of a vehicle's mileage as indicated by its odometer, and if whether or not it's an accurate reading.On a California vehicle title, the box underneath the two stacked signatures is provided specifically for the odometer disclosure statement.
A sticker inside the vehicle often reads when the car had its last oil change and what its mileage number was at the time. The interior of the car is evenly important. Examine the usage and wear of the wheel, gear lever and pedals and compare this to the mileage number on the odometer.
Whatever number it shows is the distance your bike has covered. If the right number is in a white dial, it means that it shows the meters in 100s covered. So, if it shows 22595 with 5 being in the white dial, that means the distance covered is 2259 km and 500 m.
Odometer codes are shown to reflect the known reliability of the odometer reading. Actual means that the odometer reading is believed to be the true and actual mileage of the lot.Exempt means that by Federal Law, no odometer code is required to be displayed for this lot.
