Ford Will Stop Leasing Vehicles in New York
Ford Motor Co. said June 23 that it would stop leasing vehicles in New York on July 10 because the state didn't change a law that allows
lessors to be held liable for accidents, according to Bloomberg News.
"We need to limit our exposure as it continues under the present law in New York," A.J. Wagner, executive vice president of Ford's credit unit, said in a statement. "We are very disappointed that the New York Legislature adjourned without addressing this important issue."
New York, Rhode Island and Connecticut permit a leasing company to be held liable for accidents caused by the customer. Ford said in April that its Ford Motor Credit Co. consumer-finance unit and other lessors could face "several billion dollars in potential payouts" because of the law, according to Bloomberg News.
New York's so-called vicarious liability law dates to the 1920s.
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