Interpretation ID: aiam1184

Mr. Charles Leeds, 1775 Broadway, New York, NY 10019; Mr. Charles Leeds
1775 Broadway
New York
NY 10019;

Dear Mr. Leeds: This is in reply to your letter of July 12, 1973, concerning th obligations of a bank under the odometer disclosure requirements of Title 49 CFR Part 580, upon its sale of a repossessed vehicle.; If upon its repossession the bank becomes the owner of the vehicle, i is required to make a disclosure statement pursuant to 49 CFR Part 580. The auctioneer does not, as a rule, obtain ownership of a vehicle and would not be required to make the disclosure statement.; Yours truly, Richard B. Dyson, Assistant Chief Counsel