Honda Resumes Leasing in New York
TORRANCE, Calif.--American Honda Finance Corp. announced it will resume vehicle leasing in New York despite the vicarious liability law. The law says financial institutions are liable when vehicles they hold leases on are in an accident, and the liability is unlimited.
"The competitive situation in New York compels us to re-enter the consumer leasing market," said Steve Smith, senior vice president of American Honda Finance Corp. "However, it is more important than ever that the legislature act to repeal the vicarious liability statute."
Honda Finance will raise the lease factor used to calculate monthly payments to help offset damages from vicarious liability lawsuits, said the company. It will result in an added premium of about $500 over the life of the lease.
Honda left the leasing market on July 31, 2003. Smith said the company would leave again if liabilities escalate.
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