Complete Odometer Disclosure Statement - Protect Yourself as Lessee or Lessor

When leasing or selling a vehicle, it's essential to ensure that there's transparency about the vehicle's mileage. The Odometer Disclosure Statement is a legal document that plays a crucial role in disclosing the accurate mileage of the vehicle to the potential buyer or lessee. At BizzLibrary.com, we offer a professionally drafted Odometer Disclosure Statement template that ensures compliance with state and federal laws, making the transaction simple, secure, and transparent.

What is an Odometer Disclosure Statement?

An Odometer Disclosure Statement is a legal document that states the exact mileage on a motor vehicle at the time of transfer of ownership. The statement is a requirement under federal law and is designed to protect the buyer and lessee from fraud or misrepresentation of the vehicle's mileage history. In essence, the statement provides assurance that the odometer reading is accurate and reliable, allowing buyers to make an informed purchasing decision.

Why is an Odometer Disclosure Statement Important?

The Odometer Disclosure Statement is a crucial document as it serves as proof of the vehicle's true mileage history. As part of the documentation requirements, the seller or lessor must provide the statement to the buyer or lessee before transferring the title to the new owner or leading the vehicle. The statement helps protect buyers from unknowingly purchasing vehicles with inaccurate mileage, which can result in financial loss and potential legal issues.

What Does an Odometer Disclosure Statement Include?

The Odometer Disclosure Statement must include essential information related to the vehicle's mileage and the parties involved in the transaction. Here are some of the typical elements included in an Odometer Disclosure Statement:

• The date of the disclosure
• The vehicle make, model, and year
• The vehicle identification number (VIN)
• The odometer reading at the time of the transfer
• The signature and contact information of both parties involved in the transaction
• Any disclosures related to actual mileage, mileage in excess of the odometer's mechanical limits, or mileage not actual.
• State-specific requirements, if applicable.

Download Our Odometer Disclosure Statement Template

Protect yourself and your buyers from potential legal issues and disputes. Download our pre-formatted Odometer Disclosure Statement template in DOCX format now and ensure compliance with federal and state laws. Our ready-made template includes all the necessary components and is customizable, allowing you to add or remove elements based on your unique situation. Visit BizzLibrary.com now to access a wide range of essential business document templates, including legal contracts, lease agreements, and more!