What is required for the transfer of ownership of a leased motor vehicle under the Truth In Mileage Act?

The transfer of ownership of a leased motor vehicle under the Truth in Mileage Act requires the lessor to provide a written statement regarding the mileage. This is essential because the act aims to ensure transparency and accuracy in the mileage recorded on odometers when vehicles change ownership. The written statement serves as a formal record that confirms the mileage at the time of the transfer, thus helping to prevent fraudulent activity such as odometer tampering.

By mandating a written disclosure, the law protects both parties involved in the transfer – the lessor and the new owner. It ensures that potential buyers are fully aware of the vehicle's condition and usage history, which heavily relies on the accuracy of the mileage reading. This requirement promotes trust and accountability in the vehicle leasing and sales process, aligning with the broader objectives of consumer protection embodied in the Truth in Mileage Act.