When you’re transferring a car title, you may be asked by your state DMV to complete an odometer disclosure statement. This statement is a legal requirement in all states, so it’s important that you understand what exactly it is and why you have to fill it out.
Odometer disclosure statement
An odometer disclosure statement is the disclosure of the mileage on the vehicle to the new owner. When a vehicle is purchased, the buyer is entitled to rely on the odometer reading to indicate accurate mileage before buying. The odometer disclosure statement is required to properly inform the new owner of the cumulative mileage on the odometer. The statement must be signed by both parties and must be dated within 30 days of purchase.
What is required on the odometer disclosure statement?
According to US Code 32705, the disclosure requirements are as follows:
- Disclosure of the cumulative mileage on the odometer.
- The disclosure that the actual mileage is unknown if the transferor knows that the current odometer reading is different from the number of miles the vehicle has actually traveled.
If you’re planning to purchase or sell a used vehicle it’s crucial that you’re aware of exactly what an odometer disclosure statement is, and what it entails. The last thing that you want is to be duped into a buy without first knowing the true odometer reading. As a consumer, you are entitled to know exactly how many miles the vehicle has accumulated before making any purchases.