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Faq
What is the purpose of the odometer disclosure statement?
The odometer disclosure statement serves a crucial role in the automotive industry, ensuring transparency and preventing fraudulent practices. Specifically designed for car dealerships, this form certifies the accuracy of the odometer reading to the best of the dealer's knowledge. It safeguards both buyers and sellers by providing a legal record of the vehicle's mileage, preventing unethical manipulation or misrepresentation of odometer readings. This commitment to disclosure fosters trust in the transaction and protects parties from potential disputes or legal issues related to odometer discrepancies.
What is a federal odometer statement?
A federal odometer statement is a standardized form, often a legal requirement, ensuring compliance with federal laws governing odometer disclosures. Dealermarket offers various options, such as the ODOM-65-3 and ODOM-103N, tailored to different needs, including non-leased cars and lease odometer disclosure statements. These forms adhere to federal regulations, certifying the accuracy of odometer readings. In essence, a federal odometer statement is a legally binding document that attests to the truthful representation of a vehicle's mileage, creating a standardized and reliable process for such disclosures in the automotive industry.
When is an odometer disclosure form required?
An odometer disclosure form is required whenever a vehicle is being sold or transferred, emphasizing transparency in mileage information. Federal law mandates the use of these forms to protect buyers and sellers from odometer-related fraud. Dealermarket provides a range of options, including trade-in combination forms and sold vehicle combination forms, streamlining the process for dealerships. This requirement ensures that accurate odometer readings are provided during transactions, preventing potential legal issues and building trust between buyers and sellers in the automotive marketplace.
What information is included in an odometer disclosure form?
An odometer disclosure form includes critical information such as the accurate odometer reading at the time of sale or transfer, certifying its correctness to the best of the dealer's knowledge. It may also include specific details related to the vehicle, such as make, model, and VIN. Dealermarket's range of forms, like ODOM-CT, ADP odometer disclosure statements, and ODOM-489-L for leases, offers flexibility and customization options for dealerships. Additionally, the form may provide a space for the dealer to indicate any knowledge of inaccuracies in the odometer reading, ensuring full transparency and compliance with federal regulations.