The Car and Truck Fleet and Leasing Management Magazine

Chrysler Financial May Cease Leasing in Rhode Island

June 28, 2005

FARMINGTON HILLS, MI – Chrysler Financial, a business unit of DaimlerChrysler Services North America LLC, will cease leasing in the state of Rhode Island beginning August 1, if the current vicarious liability legislation passed by the state legislature two years ago lapses without being renewed by June 30. If the current law lapses, Rhode Island will be left with an unlimited vicarious liability law that holds the "owner" of a motor vehicle responsible for personal injury and property damage caused by the driver of a leased vehicle, regardless of any fault or responsibility of the leasing company. With leasing, the finance company holds the title to the vehicle and therefore has significant exposure under the unlimited vicarious liability statutes. "Chrysler Financial strongly supports the industry effort to renew the vicarious liability legislation that is two years old," said William F. Jones Jr., VP – Chrysler Financial. "If the current legislation is allowed to expire, Chrysler Financial will be forced to exit the Rhode Island leasing market based on significant financial exposure if we continue to offer leasing." In 2004, Chrysler Financial ceased leasing in the state of New York due to the state's unlimited vicarious liability law.
Twitter Facebook Google+

Comments

Please note that comments may be moderated. 
Leave this field empty:
 
 

Fleet Incentives

Determine the actual cost of owning and running a vehicle in your fleet. Compare vehicles by class and model.

FleetFAQ

Fleet Tracking And Telematics

Todd Ewing from Fleetmatics will answer your questions and challenges

View All

 

Fleet Management And Leasing

Merchants Experts will answer your questions and challenges

View All

 

Sponsored by

BBL Fleet offers total fleet management solutions including acquisition, lease, financing, fuel and maintenance management, remarketing, accident, driver safety management, analytics, transactional data management, driver/fleet admin tools, reporting, and telematics.

Read more

Up Next

More From The World's Largest Fleet Publisher