pturo
New member
Vicarious Liability
In NY,CT,RI there is a vicarous liability law which makes the registered owner of the vehicle responsible,as well as the driver. In these states, you cannot "lease" a vehicle, you get "smart buy" packages that work like a lease in that it subracts the vale of the car at the end of the term from the total financed. The title is held by the "Smart Buy" customer. The option to purchase is a baloon payment at the end of the lease,or a trade in for that vale.
It goes back to the early 1920's. If your chauffer hits and kills someone, you, the owner of the vehicle is also responsible since you provided the means to cause the damage. BAck to the 2008 era. Obviously, in a taxi, you don't own the vehicle, so if your driver runs someone over, your name is not on the title to that cab.
We have strange laws on the books that vary by state. The parent who lets a kid use their car takes on the liabiliy of whatever the teen does. You're giving a kid a 40,000 car registered to you to go out on graduation night, what do you think they will be doing?
In NY,CT,RI there is a vicarous liability law which makes the registered owner of the vehicle responsible,as well as the driver. In these states, you cannot "lease" a vehicle, you get "smart buy" packages that work like a lease in that it subracts the vale of the car at the end of the term from the total financed. The title is held by the "Smart Buy" customer. The option to purchase is a baloon payment at the end of the lease,or a trade in for that vale.
It goes back to the early 1920's. If your chauffer hits and kills someone, you, the owner of the vehicle is also responsible since you provided the means to cause the damage. BAck to the 2008 era. Obviously, in a taxi, you don't own the vehicle, so if your driver runs someone over, your name is not on the title to that cab.
We have strange laws on the books that vary by state. The parent who lets a kid use their car takes on the liabiliy of whatever the teen does. You're giving a kid a 40,000 car registered to you to go out on graduation night, what do you think they will be doing?