USA: Ford Credit To Exit Leasing In New York - Ford Forums - Mustang Forum, Ford Trucks, Ford Focus and Ford Cars
LinkBack Thread Tools Display Modes
post #1 of 1 (permalink) Old 06-24-03, 03:37 AM Thread Starter
Mr. Embargo
Join Date: May 2001
Location: Embargoland
Posts: 3,745
USA: Ford Credit To Exit Leasing In New York

Ford Credit today announced that it plans to exit automobile leasing in New York after July 9, 2003, in response to an outdated law that holds finance companies responsible for accidents involving their leasing customers.

New York's vicarious liability law has resulted in large payouts by finance companies to resolve litigation, yet the New York legislature failed to act on a bill that would have brought the state in line with the vast majority of U.S. states even though the New York Senate recently passed a bill eliminating legal exposure for finance companies.

"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."

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, Wagner said, adding that the Rhode Island legislature is set to consider a vicarious liability bill this week.

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. Finance companies, banks and independent auto leasing companies face several billion dollars in potential payouts involving hundreds of open vicarious liability lawsuits. These payouts continue to add to the costs of purchasing, leasing and insuring vehicles.

With companies such as Ford Credit and several others canceling leasing programs, consumers will be faced with fewer and more expensive financing options. Consumers will not be able to lease Ford or Lincoln Mercury vehicles from Ford Credit in New York after July 9. Consumers who have already purchased a Red Carpet Lease will not be impacted.

A growing list of supporters of vicarious liability reform now includes the United Auto Workers (UAW), Automobile Association of America (AAA), the New York State Bar Association, and Ford and Lincoln-Mercury dealers.

Ford Credit is a wholly owned subsidiary of Ford Motor Company and is the world’s largest automotive finance company. Now in its 44th year, Ford Credit provides vehicle financing in 36 countries to more than 11 million customers and more than 12,500 automotive dealers. More information can be found at and at Ford Credit's investor Web site,

RPO83 is offline  
Sponsored Links

  Ford Forums - Mustang Forum, Ford Trucks, Ford Focus and Ford Cars > Fordforums Community > Latest Ford News and Racing News > Ford Worldwide News

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page
Display Modes
Linear Mode Linear Mode

Similar Threads
Thread Thread Starter Forum Replies Last Post
FORD TOUGH: The pressure's on for Bill Ford Jr. to finish first Stacy94PGT Ford Worldwide News 0 06-10-03 04:52 AM
Ford Credit Plans to Exit Leasing in New York Stacy94PGT Ford Worldwide News 0 04-05-03 07:47 AM
'Henry had the dream' Stacy94PGT Ford Worldwide News 0 03-28-03 05:58 AM
A CENTURY OF VISION: Fords built city, changed the world Stacy94PGT Ford Worldwide News 0 03-12-03 07:17 AM
Ford Product-Led Transformation: 2003 RPO83 Trans | Driveline 0 07-22-02 06:48 AM

Posting Rules  
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

For the best viewing experience please update your browser to Google Chrome