You've probably heard about odometer fraud and the havoc it's doing on the used automobile industry. Because a vehicle with high mileage will likely sell for less than one with fewer kilometers, sellers may be tempted to mislead about the vehicle's mileage.
Because an odometer records miles while your automobile is driven, odometer fraud is significant. It's the six-digit number on the bottom of your speedometer. Older vehicles use analog odometers, but modern vehicles have digital odometers. An Ohio odometer disclosure statement is only a declaration of a vehicle's mileage as indicated by its odometer, as well as whether or not the reading is true.
What Is An Odometer Disclosure Statement?
An Odometer Disclosure Statement is a lawfully enforceable document that shows the exact mileage on the odometer when the car is transferred from the seller to the buyer. If the mileage is erroneous, the error must be noted on the statement.
Is it Mandatory?
Except for specific automobiles, odometer disclosure is mandated by law, which means that violations will result in fines and possibly jail. However, not all automobiles are required to disclose their odometer readings.
Commercial vehicles with weight limits and vehicles supplied directly to an agency by a manufacturer and a new vehicle transferred before its first retail sale are not required. You may be required to fill out an odometer reading form in certain instances.
Ending Statement
The average new car buyer maintains their vehicle for six to eight years, but today's vehicles can last 20 years or longer when properly maintained. That means that most automobiles will have two or more owners throughout their lives, and each ownership change will result in a sales transaction. This is why you should know, what does an odometer mean? To complete that transaction, accurate documentation is required, and an Odometer Disclosure Statement is one of those documents.
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