Interpretation ID: nht73-5.38

DATE: 10/31/73

FROM: AUTHOR UNAVAILABLE; Richard B. Dyson; NHTSA

TO: Bankers Trust Company

TITLE: FMVSR INTERPRETATION

TEXT: This is in reply to your letter of September 17, 1973, which asks whether a bank must make an odometer disclosure statement upon transfer to an auctioneer of a repossessed vehicle in which the bank has only a security interest.

To the extent that the bank is acting in the place of the repossessed owner, and in the absence of any other party available to make a statement, it is our opinion that the bank is acting as transferor and should make the disclosure specified in Part 580. Normally the bank does not know that the odometer is inaccurate and should only fill in the blank with the recorded mileage. The bank could authorize its collection agency to actually make the disclosure.