Odometer Disclosure Statement


Overview
The Odometer Disclosure Statement is a formal statement of a vehicle's mileage that must be given by the owner to the buyer when a vehicle is sold or otherwise transferred.
One of the principal areas of fraud involves the sale of vehicles with rolled back odometers.  Because a car with fewer miles will bring a higher sales price, many dishonest sellers tamper with the odometer to make it appear the vehicle has fewer miles than it really does.  
The U.S. Department of Transportation has created a rule requiring anyone selling (or leasing) a car, truck or motorcycle to provide the transferee (buyer or lessee) a statement regarding the vehicles mileage.  
If you are a seller, make sure you supply this statement and keep a copy for your records.  
If you are a buyer, make sure you get the seller to sign and deliver a disclosure statement and keep that statement.  If you later find that the statement was given with incorrect information, it could be very valuable in pursuing a claim against the seller.

When You Need It
-When you are selling or leasing a car, truck or motorcycle.

Getting Started

You will need:
-The name of the individual or company selling the vehicle.
-The mileage shown on the odometer at the time of sale.
-The make, model, body type, Vehicle Identification Number (VIN) and year of the vehicle being sold or transferred. 

When to Review and Revise 
-To correct the information provided in the statement.
-To document the odometer for the sale of another vehicle.