An odometer disclosure statement is a form that is required to be completed by the seller of a vehicle when the vehicle is sold. At the time of sale, the seller must complete the form and give it to the buyer.
Most states have laws requiring sellers to disclose a vehicle’s mileage. But first, let’s see what is the odometer reading.
What is the odometer reading?
An odometer tracks the number of miles the car has driven. The lesser the miles, the more will be its resale value.
The odometer disclosure statement resolves an important car-buying question “How to get a certified odometer reading.” This document is important because it helps ensure buyers are aware of the mileage on a vehicle. Mileage is a significant factor in the value of a vehicle, and buyers have a right to know how many miles are on the odometer.
The Odometer disclosure statement must include the following information:
-As of the time of purchase, the mileage of the vehicle
-The date of the sale
-The seller’s name and address
-The buyer’s name and address
–The vehicle’s manufacturer, model, and year
If you are buying or selling a vehicle, be sure to check your state’s laws on odometer disclosure. Make sure that you understand the requirements and that you comply with them. The last thing you want is to get into trouble with the law because you failed to disclose the mileage on a vehicle.
How to get a certified odometer reading?
There are a few ways to get a certified odometer reading. Still, the most common is to take the vehicle to a dealership or certified mechanic and have them inspect the odometer. They will usually provide a certificate that includes the odometer reading.
Final thought:
If you are buying or selling a vehicle, be sure to complete an Odometer Disclosure Statement to protect yourself and the other party involved.
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