NY Assembly Feels Pressure Over Leasing Law
The New York state assembly is feeling the pressure to pass legislation that would exclude car leasing companies from the state’s vicarious liability law that holds leasing firms liable in accident-related lawsuits, reports Crain’s New York Business. New York is currently one of only three states that hold leasing companies liable in these cases.
Leasing companies are threatening to pull out of the state. Ford Motor Credit Corp. will stop leasing cars in July; GM may stop as early as next month; and Chase Manufacturers Automobile Finance Corp. is considering the same move.
The Alliance of Automobile Manufacturers, a national trade group comprised of automakers, said it will begin a print and radio ad campaign hoping to push the NY state assembly to pass the proposed exemption.