Q: What Is an Odometer Disclosure Statement?

An Odometer Disclosure Statement is a legal document attached to a Vehicle Bill of Sale at the time of sale to declare the vehicle mileage shown on its odometer. Alternate Names: Odometer Statement; Odometer Disclosure Form. The reading of the odometer is disclosed at the back of the Certificate of Title, and when you sell your car, a separate document with the actual mileage is needed. In several states, the Odometer Disclosure is accompanied by Damage Disclosure you must inform the buyer of any accidents and repairs of the vehicle in the past.

Question 1

What Is an Odometer Disclosure Statement?

Accepted Answer

An Odometer Disclosure Statement is a legal document attached to a Vehicle Bill of Sale at the time of sale to declare the vehicle mileage shown on its odometer. Alternate Names:

Odometer Statement;
Odometer Disclosure Form.

The reading of the odometer is disclosed at the back of the Certificate of Title, and when you sell your car, a separate document with the actual mileage is needed. In several states, the Odometer Disclosure is accompanied by Damage Disclosure you must inform the buyer of any accidents and repairs of the vehicle in the past.

Question 2

How to Fill Out Odometer Disclosure Statement?

Accepted Answer

Follow these steps to fill out an Odometer Disclosure Form:

Before you start completing the document, make sure you understand its purpose. The owner of the vehicle will be disclosing the mileage not only to official government agencies, but also to the buyer, so prepare documentation for the entire transaction at the same time. Be sure to protect yourself and your personal information. The details stated in the disclosure must be true and accurate to the best of the sellers knowledge providing false information may result in fines, imprisonment, or both.
Identify the parties by entering their full names and mailing addresses. Specify the location of signing the papers.
Certify the accurate odometer reading at the time of signing the Bill of Sale. Indicate the actual mileage in the document. However, it is allowed to round up the number of miles to the nearest tenth.
Define the odometer accuracy. If you know the odometer reading is incorrect, you must indicate the odometer discrepancy. Sometimes, the odometer shows a blank display and is unreadable, shows the amount of mileage in excess of its mechanical limits, or is simply not working properly. In this case, the reading will be branded "Not Actual" or if you know the odometer was rolled over, mention this in your disclosure. This could diminish the value of your vehicle, so if you know about any malfunctions in advance, think about repairing your car - this will allow you to set a higher price later.
Describe the vehicle in question. State its basic characteristics - your Vehicle Bill of Sale should contain a more detailed description. It is enough to state the make, model, body type, vehicle identification number, and year;
Additionally, the buyer acknowledges the declaration of the seller by signing the document once it is thoroughly read and the vehicle itself was inspected. The seller signs the disclosure confirming the actual mileage of the vehicle is reflected in the document.

When the papers are filled out, attach the statement to the Bill of Sale. The buyer has the original disclosure, while the seller retains its copy. Most states require the purchaser to have a Vehicle Bill of Sale, original Certificate of Title, and an Odometer Disclosure Form to obtain a new title and registration. If you are a car dealer, you must keep your vehicle records and Odometer Disclosure Statements for a minimum of five years in case different agencies in charge of transportation would like to inspect them.

Free Odometer Disclosure Statement Forms and Templates

Related Articles

Documents:

Form VSD333 Odometer Disclosure Statement for Title Transfers - Illinois