Do you want to know how having an odometer statement affects your car purchase in Illinois? In Illinois, an odometer disclosure statement is a legal document that provides information about the mileage on a vehicle. Here we know the role and importance of this statement.
A Federal Odometer Statement is a legal document that shows records of a vehicle’s mileage during a sale or transfer of ownership. The statement also contains information about the vehicle for identification, such as the make, model, and year of the vehicle, as well as the odometer reading. This helps to disclose any issues related to the accuracy of the odometer reading.
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In retrospect, an odometer statement is also important for resale value, insurance, and warranty purposes to protect buyers from odometer fraud. In the United States, federal law states all vehicles under 10 years old must have an odometer statement at the time of sale or transfer of ownership.
Many states also have separate odometer disclosure requirements applicable to vehicles of all ages or some of certain types only.
Here are some features to understand the role of the odometer disclosure statement in Illinois.
An odometer disclosure statement strives to prevent odometer fraud. The fraud entails illegal practices of altering a vehicle’s odometer to show a lower mileage than the vehicle has been driven. It is a requirement obligation to be fulfilled by a seller.
To provide an accurate odometer reading and to disclose any known issues with the odometer an odometer statement helps in all these. It ensures buyers can access truthful and reliable information about the vehicle mileage they are considering purchasing.
2- Required Information
The odometer disclosure statement in Illinois requires the seller to provide the current odometer reading at the time of sale and the previous odometer reading if the vehicle has been previously titled in another state. The seller must also provide their signature and the date the odometer reading was taken.
3- Required Parties
The Federal Odometer Statement in Illinois must disclose all vehicle sales except those involving vehicles over 20 years old or weighing more than 16,000 pounds. Both the seller and the buyer must sign the statement.
When a seller purposely provides false information on an odometer disclosure statement in Illinois, it results in them paying fines and even being liable to criminal charges. In contrast to that, in case a buyer discovers that the mileage on a vehicle was misrepresented, the buyer is then entitled to compensation under Illinois law.
Summing it up
The statement is important for buyers and sellers to understand the requirements and importance of odometer statements and comply with all applicable laws and regulations related to odometer disclosure.
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To know all legality factors about an odometer disclosure statement in Illinois, Allen Stewart will serve as your consultation. We offer an additional team of skilled staff along with an expert attorney.
They will provide you with guidance and expertise regarding your odometer statement issues. Visit our website and get your statement corrected to avoid legal issues.