Odometer Disclosure Statement Form

What is the Odometer Disclosure Statement?

The odometer disclosure statement in Indiana is a legal document required during the sale or transfer of a vehicle. It serves to verify the accurate mileage of the vehicle at the time of sale, protecting both buyers and sellers from potential fraud. This statement must be completed and signed by the seller, confirming that the mileage listed is correct and that the vehicle has not been altered in a way that affects its odometer reading. Failure to provide an accurate disclosure can lead to legal consequences.

How to Use the Odometer Disclosure Statement

To use the odometer disclosure statement in Indiana, both the seller and buyer should complete the form together during the transaction. The seller must fill out the vehicle's current mileage, ensuring it matches the reading on the odometer. Both parties should review the information for accuracy before signing. This document should be kept as part of the vehicle's records and may be required for registration purposes with the Indiana Bureau of Motor Vehicles (BMV).

Steps to Complete the Odometer Disclosure Statement

Completing the odometer disclosure statement involves several straightforward steps:

• Obtain the official odometer disclosure statement form, which can be found at the Indiana BMV or through authorized dealers.
• Fill in the vehicle identification number (VIN), make, model, and year of the vehicle.
• Enter the current odometer reading, ensuring it is accurate and reflects the actual mileage.
• Both the seller and buyer must sign and date the form, indicating their agreement to the disclosed information.
• Keep a copy of the completed form for personal records and provide the original to the buyer.

Legal Use of the Odometer Disclosure Statement

The legal use of the odometer disclosure statement is crucial in Indiana. It is mandated by federal and state law to ensure transparency in vehicle transactions. The statement must be provided for all motor vehicle sales, including cars, trucks, and motorcycles. Not complying with this requirement can result in fines or penalties for the seller. Additionally, buyers can use this document to verify the vehicle's history and avoid purchasing a vehicle with rolled-back odometer readings.

State-Specific Rules for the Odometer Disclosure Statement

In Indiana, specific rules govern the odometer disclosure statement. The state requires that the disclosure be made at the time of sale for all vehicles less than ten years old. For vehicles older than ten years, while the disclosure is not mandatory, it is still recommended to protect both parties. The form must be signed by both the seller and buyer, and any discrepancies in the odometer reading should be reported immediately to the BMV.

Examples of Using the Odometer Disclosure Statement

Examples of using the odometer disclosure statement include private sales between individuals, dealership transactions, and trade-ins. In a private sale, the seller must fill out the statement to confirm the vehicle's mileage to the buyer. In dealership transactions, the dealer typically provides the form as part of the sales paperwork. For trade-ins, the statement ensures that the dealership accurately represents the vehicle's mileage when reselling it.