Providing accurate mileage information is important to protect buyers and sellers in a vehicle transaction. You have an obligation to provide a federal Vehicle mileage disclosure statement, which formally documents the miles traveled in a vehicle at the point a title transfers from one owner to another to prevent fraud and misleading sales tactics.
This form is mandated by Federal law and applies to most sales transactions of vehicles. It is usually found on a vehicle title or as its own document, depending on the state and vehicle age. The seller must fill out the Federal Odometer Disclosure Statement, indicating whether the particular mileage is accurate (actual), in excess of mechanical limits, or if exact mileage is unknown. The statements have legal standing and are designed to act as a deterrent to any willful misinformation.
It is to the great advantage of the purchasers to read this statement and its particulars closely. If the mileage listed in car maintenance history reports, inspection records, and other information you have obtained about the car varies from what is found on the Federal Odometer Disclosure Statement, you may discover discrepancies before making a purchase. Even tiny differences may indicate past mistakes or deliberate meddling that would impact the value of the vehicle.
Sellers, too, need to be precise. Honest miles is the rule for preventing discrepancies or penalties down the line. False statements are penalized under federal regulations and may result in fines or civil liability.
In the Internet-enabled market for secondhand cars today, where digital listings and purchases from far away are routine, documents like the Federal Odometer Disclosure Statement still stand as pillars of consumer protection. Knowing it's what the form represents and requires enables all parties to do deals more confidently, clearly, nd in compliance.
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