An Odometer statement in Ohio is a statement that owners and lessees of vehicles must fill out when purchasing a new vehicle. According to the Federal Trade Commission, the odometer disclosure statement serves two purposes. First, it informs consumers about the vehicle’s mileage whenever it is sold or traded. Second, it lets consumers know how many miles have been on the odometer each time they purchase a new vehicle.
The odometer statement also referred to as mileage disclosure statement, is a document that’s required to be filed with the Ohio Bureau of Motor Vehicles (BMV) when selling or leasing a car in Ohio. It’s also required when purchasing new or used from an out-of-state dealership. The odometer statement informs you about what mileage you have driven on your vehicle and gives your dealer information about the number of miles on your vehicle that may need maintenance.
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Below we have listed a few pieces of general information about the odometer disclosure statement.
1 – What is an Odometer Disclosure Statement?
An Odometer statement in Ohio is a document signed by both the buyer and seller when selling a vehicle. It contains information about the vehicle’s mileage and can be filled out by either party at any time during the transaction or after purchase.
Many Consumers frequently ask, ‘what is an odometer?’; the purpose of an odometer is to inform buyers about how many miles they are getting in their new car, so they can make an informed decision on whether they want to buy it based on its age. If there are significant discrepancies between what was stated on this form, there may be grounds for dispute between the parties involved in the deal (the buyer and seller).
2 – When to use the Odometer Disclosure Statement?
The Odometer statement in Ohio is required by law when you buy a used vehicle and should be completed by both the buyer and seller. You should use this form to ensure that both parties know how many miles your vehicle has travelled, as well as any other information on the odometer reading.
When selling or trading in a vehicle, it’s important to note whether there is an odometer disclosure statement on file with DMV in California. If there isn’t one, you’ll need to provide proof from each party involved that they’ve been informed about these legal requirements before signing off on any paperwork (i.e., buy/sell agreement).
3 – What penalties are for not filling the odometer disclosure statement properly?
The penalties for not properly filling out an odometer disclosure statement can be quite severe. If the odometer reading is incorrect, you could be fined up to $5,000 for each violation and even face jail time.
Additionally, suppose a vehicle is sold without having its odometer disclosures in place, and it causes injury or death while being driven on public roads by its new owner. In that case, they will also be held responsible for any damages caused by their negligence and any fines assessed against them by the state of California (or other states where they reside).
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Now that you know what is an odometer know that harmful behaviors include tampering with and fraudulent odometer disclosure. Customers who mistakenly bought a car with an inaccurate odometer reading and felt duped can seek legal recourse. For instance, the Texas Deceptive Trade Practices Act provides consumers with legal redress (DTPA). The law, enacted in 1973, gives customers the right to complain about dishonest business practices and seek compensation.
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