Odometer Statements Definition
Fraud in the sale of used cars, trucks and motorcycles costs consumers millions of dollars each year. One of the main areas of fraud involves the sale of vehicles with rolled back odometers. Because a car with fewer miles will bring a higher sales price, many dishonest sellers tamper with the odometer to make it appear the vehicle has fewer miles than it really does.
To address this problem, the U.S. Department of Transportation has created a rule requiring anyone selling (or leasing) a car, truck or motorcycle to provide the transferee (buyer or lessee) a statement regarding the vehicles mileage. The transferor (i.e., seller or lessor) must certify in writing the vehicles mileage, or that the mileage on the odometer is incorrect.
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