GM to resume leasing vehicles in New York
NEW YORK (Reuters) – General Motors Corp.
General Motors Acceptance Corp. unit on Wednesday said they
will resume vehicle leasing in New York, after a more than
two-year absence, following a change in law that will reduce
their liability for auto accidents.
Ford Motor Co.
GM made its announcement in connection with the expected
signing by President Bush of a highway bill that would reduce
vehicle lessors’ potential liabilities.
The automakers had stopped leasing in New York because of
their exposure under the state’s “vicarious liability” law.
Such laws can leave owners of leased vehicles responsible
for injuries and property damage caused by drivers. This
exposes leasing companies to potential liability because they
are listed as owners on the titles of vehicles they lease.
GM and GMAC stopped leasing in New York in April 2003, GM
spokeswoman Deborah Silverman said.
Separately, GMAC said it will lift its limit of 39 months
on Rhode Island leases, also a result of changes in lease