GM and Ford to Stop Leasing Vehicles in New York Unless Law Changes
General Motors and Ford announced that they will stop leasing vehicles in New York unless the state changes a law that holds automotive leasing companies, rather than drivers, liable in car accidents, Reuters reported.
Reuters said that the states of New York, Rhode Island and Connecticut have "vicarious" liability laws that hold the owner of a vehicle liable for an unlimited amount in accidents.
In the case of leased or rented vehicles the owner is the company listed on the title, such as Ford Credit or General Motors' finance unit GMAC. Other states have changed their laws to limit liability, Reuters noted.
According to Reuters, leasing is about twice as popular in New York as in the rest of the country, largely because of tax breaks it offers businesses and the flexibility it gives drivers to have a new vehicle every few years.
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