A Federal Odometer Statement is the disclosure document required by law that states the accurate cumulative mileage of a vehicle. This is required when transferring the vehicle from a seller to a buyer. An odometer is a device used to measure the total distance traveled by a wheeled vehicle. The odometer readings are used to determine the value of the vehicle and its health.
Why is an odometer reading necessary?
An odometer is necessary whenever a vehicle passes from the reseller to the buyer. Most vehicles have at least 2 people using them on the road. This means that cars can rack up a lot of mileage in a matter of decades. When reselling a car, the new owner must have full knowledge of the car’s usage and travel.
This not only tells the buyer how much the vehicle has been used and how long they can expect to drive it after purchase. It also tells the buyer the value of the vehicle. Generally, a non-accurate odometer reading on the vehicle reduces its value. Further, having more miles on a car incurs much more repair costs.
For More Information On Arbitration And Other Frequently Asked Lemon Law Presumption Questions, Click Here.
That’s why federal law makes it illegal to tamper with or “roll back” the readings of an odometer. The fine for inaccurately representing the odometer readings can incur a penalty of $1500.
How is an odometer statement filed?
An odometer disclosure statement in Illinois requires you to download the form from the government website of vehicle services. You will be required to fill in the following information on the form:
- The seller’s identity and contact
- The buyer’s identity and contact
- The date of odometer certification
- The vehicle’s date of manufacturing and model number
- The Vehicle Identification Number
- The correct odometer reading and accurate branding are needed. This can be the Actual reading, the Non-Actual reading, or Exceeds.
Think You Have A Lemon, Click Here To Fill Out A 30 Second Form.
It’s safe to verify the federal odometer statement by purchasing a vehicle history report. The readings on this history should match the odometer reading. If not, it can be flagged for fraud. The accurate representation of the odometer is necessary for complying with federal vehicle laws. It is also necessary during the process of transferring ownership or title of a car.
In case of a broken odometer or the owner being unsure of the accuracy of the readings, then they must responsibly disclose this information. The “not actual mileage” should be disclosed along with the bill at the time of reselling. Alternatively, the owner can seek a vehicle history report.
If your odometer is broken, owners can legally replace it. However, to comply with the law, the new odometer must be set with the accurate mileage of the car.
Conclusion
All owners and sellers of vehicles must present accurate odometer representations. This is necessary to maintain transparency when transferring vehicle ownership and ensuring financial security and physical safety. Complying with the odometer disclosure statement in Illinois can help owners prevent vehicle fraud and maintain propriety during resells.
This Information Brought To You By Allen Stewart P.C.
