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Consumer Vehicle Leasing Survey Details Cost of Vicarious Liability
The Association of Consumer Vehicle Lessors (ACVL) of Nashville, TN has released its “New York Vicarious Liability Survey,” which casts an ominous cloud over the future of consumer vehicle leasing in New York State. The survey, conducted in September 2003, details the magnitude and effects of vicarious liability suits against ACVL member companies in New York from Jan. 1, 2000 to June 30, 2003. The results evidence the enormity of the vicarious liability claims filed against New York consumer vehicle lessors and explain why some ACVL member lessors have suspended their leasing programs in New York altogether while others have imposed special fees for leases written in New York.
Under the doctrine of vicarious liability, leasing companies are responsible for the damages from all accidents involving their leased vehicles despite having no fault whatsoever or control over the lessee/driver. No other state subjects consumer vehicle lessors to this unlimited liability. In addition, the same vehicle, if financed as an installment sale by the same finance company and involved in the same accident, would not subject the company to any liability exposure.
The survey revealed that in 2000 there were 694 claims totaling $973,647,809 in liability. In 2001, the number of claims rose to 754 and total liability ballooned to $2,611,719,463. In 2002, claims again increased to 789, though liabilities dropped to $1,445,892,450. In the first 6 months of 2003, however, 327 claims were filed but $1,638,357,465 was paid out. Considering that over this 31/2-year period there were 2,564 claims for a total of loss of $6,669,517,187, it is not surprising that many ACVL-member companies have concluded that leasing in New York can no longer be justified.
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