Damage Disclosure Statement Page 2
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1
2INFORMATION
The damage disclosure statement is required for all motor vehicles except:
Motor trucks and truck tractors with a gross vehicle weight rating of 16,000 pounds or more.
Vehicles more than seven model years old.
Motorcycles.
Motorized bicycles.
Special mobile equipment.
New motor vehicles with a true mileage of 1,000 miles or less, unless the vehicle has sustained
damage for which the cost of repair exceeds 50% of the fair market value of the vehicle.
Damage - Damage must be disclosed if it exceeds 50% of the fair market value of the motor vehicle before it
became damaged. The amount of damage shall be based on estimates of the RETAIL cost of repairing the vehicle,
including labor, parts, and other materials if the vehicle has not been repaired; or on the ACTUAL RETAIL cost to
repair, including labor, parts, and other materials if the vehicle has been repaired. All repair charges, including sales
tax, must be included.
EXAMPLE:
A vehicle had a retail value of $22,000 at the time it was damaged and the cost to repair it was
$13,000. The cost to repair is more than 50% of the retail value of the vehicle at the time it was
damaged. Therefore, the "Yes" box in Section #1, Question #2 must be checked.
Fair Market Value - refers to the average retail value found in the "National Automobile Dealers Association
(NADA) Official Used Car Guide". NADA guides may be available through a library, insurance agent, auto dealer, or
at
Transfers by operation of law include the following:
Inheritance
Devise or bequest
Dissolution decree
Order in bankruptcy
Insolvency
Replevin
Foreclosure or execution sale
Abandoned vehicle sale
Artisan's lien sale
Landlord's lien
Storage lien
Repossession
Sellers: You are required to provide this separate damage disclosure statement to the buyer at or before the time of
sale of the vehicle.
Dealers, wholesalers, and recyclers: You are required to maintain copies of damage disclosure statements for
five years. If you received this separate damage disclosure statement from a prior owner and you did not obtain a
new title in your name, you are required to give this separate damage disclosure statement to your buyer.
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