The Texas Odometer Statement form, also known as VTR-40, is a document required by federal and state law when transferring ownership of a vehicle. This form helps to disclose the vehicle's mileage at the time of sale, ensuring that both the seller and buyer are aware of the odometer reading. It's important for preventing fraud related to vehicle mileage.
Who needs to complete the Odometer Statement?
Both the seller and the buyer of the vehicle must complete the Odometer Statement. The seller provides the current odometer reading, while the buyer acknowledges the mileage disclosure. This process protects both parties and ensures transparency in the transaction.
The form requires several key pieces of information:
-
The year, make, body style, and model of the vehicle.
-
The Vehicle Identification Number (VIN).
-
The odometer reading (in miles, without tenths).
-
Signatures of both the seller and buyer, along with their printed names and addresses.
Providing false information on the Odometer Statement can lead to serious consequences. Under Texas law, this is considered a third-degree felony. Penalties may include fines and imprisonment. Therefore, it’s crucial to provide accurate information to avoid legal issues.
Can the Odometer Statement be used with title transfer documents?
No, the Odometer Statement cannot be used in conjunction with title transfer documents that already comply with federal and state odometer disclosure requirements. For vehicles titled in Texas on or after April 29, 1990, the title itself serves as the odometer disclosure document.
What should I do if the odometer reading is not the actual mileage?
If the odometer reading is not the actual mileage, the seller must check the appropriate box on the form indicating this discrepancy. This ensures that the buyer is aware of the situation. It is important to be honest about any discrepancies to avoid potential legal ramifications.
Is there a deadline for completing the Odometer Statement?
While there isn't a specific deadline for completing the Odometer Statement, it should be filled out at the time of the vehicle sale. Both parties should ensure that the form is completed before finalizing the transaction to avoid any complications later on.
The Texas Odometer Statement form (VTR-40) can be obtained from the Texas Department of Motor Vehicles (TxDMV) website or at local county tax offices. It's important to use the most current version of the form to ensure compliance with state regulations.
What should I do if I have more questions about the Odometer Statement?
If you have additional questions about the Texas Odometer Statement form, you can contact the Texas Department of Motor Vehicles or consult with a legal professional. They can provide guidance tailored to your specific situation and help clarify any uncertainties you may have.