Final answer:
The Truth In Mileage Act requires lessors to provide lessees with a written statement about the mileage of a leased vehicle during ownership transfer.
Step-by-step explanation:
The subject of this question is Business and it is suitable for High School level.
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. This is to ensure that the lessee is aware of the mileage on the vehicle before they assume ownership.
For example, if a lessee has leased a vehicle and decides to purchase it at the end of the lease term, the lessor is legally obligated to provide a written statement mentioning the mileage. This is important because if the lessee has driven the vehicle excessively, they might have to pay additional charges for the extra mileage.