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In the Marketplace
Chrysler Financial of Farmington Hills, MI has announced that it will cease leasing in Rhode Island beginning Aug. 1, 2005, if the current vicarious liability legislation passed by the state legislature 2 years ago lapses without being renewed by June 30, 2005. The company noted that if the current law lapses, Rhode Island will be left with an unlimited vicarious liability law that holds the “owner” of a motor vehicle responsible for personal injury and property damage caused by the driver of a leased vehicle, regardless of any fault or responsibility of the leasing company. With leasing, the finance company holds the title to the vehicle and therefore has significant exposure under the unlimited vicarious liability statutes. In 2004, Chrysler Financial ceased leasing in New York due to the state's unlimited vicarious liability law.
Applied Financial of Midvale, UT has named James L. Christensen as president of the company. He previously worked with the company since its inception as general counsel. The company also announced a new $25 million operating line with Wells Fargo Bank, which will give Applied Financial enhanced direct lending capabilities, as well as a significantly lower cost of funds. Dave DiCesaris, who formerly carried the title of president and CEO, will continue to function as CEO, focusing his efforts on new growth strategies and initiatives.
Chrysler Financial of Farmington Hills, MI has announced that it will cease leasing in Rhode Island beginning Aug. 1, 2005, if the current vicarious liability legislation passed by the state legislature 2 years ago lapses without being renewed by June 30, 2005. The company noted that if the current law lapses, Rhode Island will be left with an unlimited vicarious liability law that holds the “owner” of a motor vehicle responsible for personal injury and property damage caused by the driver of a leased vehicle, regardless of any fault or responsibility of the leasing company. With leasing, the finance company holds the title to the vehicle and therefore has significant exposure under the unlimited vicarious liability statutes. In 2004, Chrysler Financial ceased leasing in
Yachts, Jets, Horses & Hooch: Specialized Commercial Leasing Models
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