Rules to Fight Odometer Fraud Proposed
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WASHINGTON — The National Highway Traffic Safety Administration proposed new regulations Tuesday to implement a 1986 law aimed at making odometer fraud more difficult.
The law requires that all state motor vehicle titles issued after April, 1989, include mileage figures. The titles must be written in such a way that counterfeiting or alterations can be detected more easily.
The government has estimated that odometer fraud, in which a vehicle’s mileage is rolled back to increase its resale value, costs consumers between $3 billion and $4 billion a year.
Under the proposed regulation, dealers, distributors, leasing companies and automobile auctions must maintain detailed records for at least five years on every vehicle sold.
The proposed rule also would require the disclosure of mileage information by anyone leasing a car at the end of the lease period.
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