There’s one piece of paperwork you’ll want to pay attention to when buying or selling a car: the odometer disclosure statement. The federally mandated form indicates how many miles a vehicle has been driven at the time the ownership transfers, preventing odometer fraud and providing transparency in the used car market.
The odometer disclosure statement was mandated by the Truth in Mileage Act of 1986. It applies to most vehicles under 10 years old that weigh less than 16,000 pounds. It’s simple—the mission is to create an accurate history of a car’s mileage so that a vehicle’s value, safety, and reliability are guaranteed. Buyers can unwittingly end up with a car that has dramatically more wear and tear than advertised.
The procedure for signing an odometer disclosure statement has changed over the last few years. Many states now accept electronic submissions, so long as they adhere to federal identity validation standards, including IAL2. In addition to facilitating transaction constraints, this change will give network users a ‘tamper-proof’ system, which makes it less prone to tampering or counterfeiting.
The odometer disclosure statement is a legal requirement for the seller. All misstatements — regardless of intent — can result in civil penalties or criminal charges. “For buyers, it needs to be scrutinized against service records, if available, and vehicle history reports to ensure that it appears accurate.”
And yes, the odometer disclosure statement is more than a bureaucratic fig-leaf. It is a vital device keeping trust alive in vehicle transactions, and it is protecting consumers in a potentially expensive and nasty way. Whether giving or receiving the keys, this paper can be the difference between a fair and honest deal and getting bowled over by some errant fees.
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