Leasing Returns to New York

The massive $286 billion Federal Highway Bill that was signed into law on August 10, 2005 contained a little-noticed component that is of great importance to New York car leasing consumers -- it bans the state's vicarious liability laws which caused major auto leasing companies and banks to pull out of the state or raise their fees. Similar laws in other states are also outlawed.

The laws made car leasing companies jointly liable if a leasing customer caused an accident and was sued.

It's not yet clear how soon leasing will return to normal in New York state, but our guess is that it will be within a few weeks.