Lenders Expect Relief from Vicarious Liability in N.Y.
NEW YORK -- Automakers may find it easier to bring leasing back to New York the federal highway bill, which includes a ban on vicarious liability, is signed into law. The Greater New York Automobile Dealers Association said it expects President Bush to sign the bill.
NEW YORK -- Automakers may find it easier to bring leasing back to New York the federal highway bill, which includes a ban on vicarious liability, is signed into law. The Greater New York Automobile Dealers Association said it expects President Bush to sign the bill.
The current legislation holds lessors responsible for the actions of drivers of leased vehicles, making the financial risk to lenders unacceptable.
"I am pleased with this bill, which results in repealing lessor vicarious liability in New York," said Mark Schienberg, GNYADA president. "The anticipated signing of this bill means that all New Yorkers will be able to again lease vehicles. This antiquated law has hurt the retail auto industry, and we are pleased that Congress has put an end to it."
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