LeasinG!
Is it true.. I heard no more leasing in NY
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LeasinG!
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Re: LeasinG!
They would not let me extend the lease on my Honda for insurance purposes.
Seems a car co. got sued or something because of an accident someone who leased was in.
Seems a car co. got sued or something because of an accident someone who leased was in.
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Re: LeasinG!
Ford Credit to Exit Leasing in New York Due to Finance Law
Dearborn, Mich.-base Ford Credit has announced that it plans to exit automobile leasing in New York after July 9, 2003, in response to a law that holds finance companies responsible for accidents involving their leasing customers.
A New York jury recently rendered a $1 million verdict against Ford Credit after a young girl sued her father-and the finance company-when her father, driving his leased car, ran her over while she was sunbathing.
Recently, the New York State Senate passed a bill eliminating legal exposure for finance companies, but the bill did not reach fruition before the annual legislature adjourned.
'We are very disappointed that the New York legislature adjourned without addressing this important issue. As a result, New York may soon be the only state in the nation where leasing is not an option for consumers,' said A.J. Wagner, Ford Credit's executive vice president of North America. 'While we are encouraged that the Connecticut legislature recently passed a bill to limit vicarious liability, we have not seen a similar commitment in New York.'
He added, 'We fully and actively support the legislative reform effort; however, we need to limit our exposure as it continues under the present law in New York.'
Dearborn, Mich.-base Ford Credit has announced that it plans to exit automobile leasing in New York after July 9, 2003, in response to a law that holds finance companies responsible for accidents involving their leasing customers.
A New York jury recently rendered a $1 million verdict against Ford Credit after a young girl sued her father-and the finance company-when her father, driving his leased car, ran her over while she was sunbathing.
Recently, the New York State Senate passed a bill eliminating legal exposure for finance companies, but the bill did not reach fruition before the annual legislature adjourned.
'We are very disappointed that the New York legislature adjourned without addressing this important issue. As a result, New York may soon be the only state in the nation where leasing is not an option for consumers,' said A.J. Wagner, Ford Credit's executive vice president of North America. 'While we are encouraged that the Connecticut legislature recently passed a bill to limit vicarious liability, we have not seen a similar commitment in New York.'
He added, 'We fully and actively support the legislative reform effort; however, we need to limit our exposure as it continues under the present law in New York.'
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Thanks girls.........
I heard the rates are better in Florida.....
I heard the rates are better in Florida.....
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Re: LeasinG!
Yes it is true. I heard the same thing. You can no longer lease at most dealers on long island and the ones that will let you lease have changed the whole idea of a lease...Your last payment is the balance of what is owed on the car...It is a major payment. So you are basically buying the car but are paying a less amount then you would normally until you get to that last payment.
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Re: LeasinG!
Wait, I am confused. So when my lease is up next year I won't be able to re-lease another? I will have to buy it? ![]()
I like leases, I like to be able to get a new car every 3 or so years!!
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Kim...I believe by next year most companies will not be leasing....I will try to find the article that I saw on this for everyone to read.
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Each make is different....but when we went to lease our SUV it was called a Smart Buy.
The difference between that and a lease is just that you hold the title of the car....so you own it with the option to return it after 3 years or whatever you have in your contract.
The good news is that you dont have all those annoying leasing fees....but the bad news is that there are different fees associated with this type of buy.
The reason for all of this was that the banks did not want to be responsible for the cars being leased anymore. THey were getting sued all the time because they were the legal owners of the cars because they held the title. So when people got in accidents and sued...they sued the banks who owned the car....now you own the car!
Hope this helps.
The difference between that and a lease is just that you hold the title of the car....so you own it with the option to return it after 3 years or whatever you have in your contract.
The good news is that you dont have all those annoying leasing fees....but the bad news is that there are different fees associated with this type of buy.
The reason for all of this was that the banks did not want to be responsible for the cars being leased anymore. THey were getting sued all the time because they were the legal owners of the cars because they held the title. So when people got in accidents and sued...they sued the banks who owned the car....now you own the car!
Hope this helps.
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Uck, I have another year on my car and I am already miserable about there not being anymore leasing. NOT GOOD! ![]()
Thanks for the info everyone!
Thanks for the info everyone!
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Kim-not to worry-Chloegirl's post explained it perfectly. I am also doing SmartBuy which is basically the same as leasing only I am the title holder and owner of the car. My monthly rate is the same as my lease was and it's also for 36 months. At the end of the 3 years I either give the dealership the remaining balance on the car or give it back.
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Re: LeasinG!
SO ..
What is the difference then?![]()
What is the difference then?
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difference is you own the car and hold the title as opposed to the bank owning it. So if there is an accident, you are liable, not the bank.
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The only difference is I am considered the car owner-I have the title. With leasing the bank was technically the car owner and I was the lessee. If I get into an accident and my insurance doesn't cover the injuries then I can now get sued personally whereas before the banks were getting sued bc they were the car owners.
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Re: LeasinG!
I can't even get a price on a lease in NYC for a benz....
I hate NYC!![]()
I hate NYC!
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I wondered when this would happen.
in NY leasing companies were liable for suit in damages caused by their vehicles like little Miss Lizzie Grubman's Mercedes joyride.
Its not that they can't usually prove that they weren't directly responsible, it's more that in this litigated world, that they COULD be drawn into a lawsuit. Insurance premiums for leasing companies started to rise sharply to pay for the legal cost associated with being involved in a lawsuit.
They can only take so much heat before finding a way around the problem.
I always buy my car. I like the flexibilty it gives me. *shrug*
in NY leasing companies were liable for suit in damages caused by their vehicles like little Miss Lizzie Grubman's Mercedes joyride.
Its not that they can't usually prove that they weren't directly responsible, it's more that in this litigated world, that they COULD be drawn into a lawsuit. Insurance premiums for leasing companies started to rise sharply to pay for the legal cost associated with being involved in a lawsuit.
They can only take so much heat before finding a way around the problem.
I always buy my car. I like the flexibilty it gives me. *shrug*
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Re: LeasinG!
we are leasing right now...but we plan to buy the car after t is up....when you think about how much is owed at the end...compare it to what you could sell the car for...and think about that...it may work out to your advantage...and you could earn back a little bit of the lease...
we lucked out...since they only made our model car for 4 years...and other cars like taht have actually appreciated (so unheard of with cars)...thats why we are going to buy...
we lucked out...since they only made our model car for 4 years...and other cars like taht have actually appreciated (so unheard of with cars)...thats why we are going to buy...
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Re: LeasinG!
I wonder what everyone in NYC/LI is going to do.. without leasing most people can't afford to buy these big ticket cars!
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The only difference is that the leasee with have the title, it is still kind of like a lease. Same type payments and what not. So everyone will still be able to lease these big ticket cars.
At least from my understanding.
At least from my understanding.
