Final Answer:
True. The Truth In Mileage Act mandates that both the buyer and seller must sign and print their name on the Odometer Statement.
Step-by-step explanation:
The Truth In Mileage Act (TIMA) is a federal law in the United States designed to prevent odometer fraud and ensure accurate mileage disclosure during the sale of motor vehicles. The requirement for both the buyer and seller to sign and print their names on the Odometer Statement is a crucial provision of TIMA.
This provision is in place to create a clear and traceable record of the odometer reading at the time of sale, providing transparency and protecting buyers from unknowingly purchasing vehicles with altered or fraudulent mileage information. The signatures and printed names of both parties serve as legally binding attestations to the accuracy of the odometer reading.
This dual acknowledgment helps establish accountability, deter odometer tampering, and aligns with the broader goal of consumer protection in automotive transactions.
In essence, the requirement for both buyer and seller signatures on the Odometer Statement under TIMA is a safeguard against deceptive practices, fostering fair and honest transactions in the sale of motor vehicles.
Compliance with this provision is not only a legal requirement but also an essential step in maintaining the integrity of odometer readings and ensuring the trustworthiness of the used car market.