Do I need an odometer disclosure statement in Arkansas?

Odometer Statement. Under federal guidelines, vehicles less than 20 years old must have a fully completed odometer disclosure statement signed by both the buyer and the seller.

What does odometer discrepancy mean on a title?

Let’s say, for example, you purchase a car from someone that states the speedometer stopped working when the odometer read 80,000 miles. He or she then replaced the broken speedometer with a new speedometer that had an odometer reading of 40,000 miles. This would be an odometer discrepancy.

What is a generic odometer disclosure statement?

An odometer disclosure statement is simply a declaration of a vehicle’s mileage as indicated by its odometer, and if whether or not it’s an accurate reading. If you’ve ever sold a car you’ve actually completed a generic odometer disclosure statement.

Can you wind a digital odometer back?

Digital odometers can be rolled back by removing the vehicle’s circuit board to change the odometer reading, or using rollback equipment that hooks right into the vehicle’s electronic circuit.

How do you fix mileage discrepancy on a title?

Make sure you compare the mileage on the title and the History Report with the mileage on the odometer. If you spot any discrepancy, especially if the title’s mileage is higher than the others, ask the seller to explain it. Ask for some physical maintenance records or inspection records collected by the seller.

What happens if you buy a car with the wrong mileage?

Odometer fraud is prohibited under both federal and state laws. When buying a vehicle, the purchaser must receive a written disclosure of the mileage registered on an odometer from the seller. If the odometer mileage is incorrect, the law requires a statement to that effect to be furnished on the title to the buyer.

How do you write an odometer reading on a title?

If your vehicle is equipped with an odometer capable of reading 999,999 miles, you need only write in the odometer disclosure “the actual mileage shown” on the odometer. (NOTE: Do not write in tenths of miles.) (Example: If your odometer reads 118, 666.6 miles, you would disclose 118,666 miles on the title.)

Who fills out the odometer disclosure statement?

The Truth in Mileage Act (TIMA) is a federal law that requires the seller of a motor vehicle to provide an odometer disclosure to the buyer at the time of sale or transfer of ownership. The buyer must sign in acknowledgment of the mileage disclosure given.

What is a federal odometer statement?

ODOMETER DISCLOSURE STATEMENT. FEDERAL LAW (AND STATE LAW, IF APPLICABLE) REQUIRES THAT THE LESSEE DISCLOSE THE MILEAGE TO THE LESSOR IN CONNECTION WITH THE TRANSFER OF OWNERSHIP. FAILURE TO COMPLETE OR MAKING A FALSE STATEMENT MAY RESULT IN FINES AND/OR IMPRISONMENT.

What is an odometer disclosure?

Odometer Disclosure. Federal and State laws require all dealers to disclose any type of odometer discrepancy to all future buyers before the sale. Most states have an Odometer Disclosure Statement that will allow you to report any type of odometer discrepancy.

What is vehicle odometer?

An odometer or odograph is an instrument used for measuring the distance travelled by a vehicle, such as a bicycle or car. The device may be electronic, mechanical, or a combination of the two. The noun derives from the Ancient Greek words hodós (“path” or “gateway”) and métron (“measure”).

What is odometer reading?

Odometer Mileage Readings. Legislation requires that the department collect and validate the odometer mileage reading for most motor vehicles upon initial registration and registered owner transfers in compliance with the Federal Truth in Mileage Act of 1986. Reporting of the odometer mileage reading assists in the detection of odometer tampering.