TRUTH IN MILEAGE ACT Flashcards
An “A” after the odometer reading on a title indicates:
Actual miles driven.
The term “mileage” as used in the Truth In Mileage Act means:
The actual distance the vehicle has been driven.
An “E” after the odometer reading on a title means:
Mileage in excess of the odometers mechanical limits.
Which of the following statements are true regarding the Truth In Mileage Act.
The buyer and seller must sign and print their names.
The customer must receive a copy of the odometer statements.
An “N” after the odometer reading on the title means the odometer reading is not actual.
The customer must receive a copy of the odometer statement.
TRUE
An “N” after the odometer reading on the title means the odometer reading is not actual.
TRUE
In connection with the transfer of ownership of a leased motor vehicle, the Truth In Mileage Act requires
the lessor to provide the lessee with a written statement regarding the mileage of the vehicle. Some of the information required in the statement is:
The name of the person making the disclosure and the current odometer reading.
The date of the statement and lessees and lessor’s name and current address.
The identity of the vehicle including the make, model, year, body type and vehicle identification
number.
Under Federal law the customer must receive a copy of the odometer disclosure statement. This can
be furnished:
By giving a copy of the secure reassignment and/or power of attorney if the title is not available.
By giving a copy of the conforming title.
A Power of Attorney (Form VAD-70) is used only when:
A title is lost.
- Or -
The title is held by a lien holder.
Section “B” on a Power of Attorney (Form VAD-70) is used:
When a vehicle is sold prior to the dealer receiving the title.
Section “C” on the Power of Attorney (Form VAD-70):
Must always be completed by the dealer.
Is an affirmation, by the dealer, that the information contained on the form is correct to the best of
their knowledge?
