DETROIT, June 23 (Reuters) - Ford Motor Co.'s credit arm said on Monday it would stop leasing vehicles in New York state on July 10 due to a state law that holds leasing companies responsible for accidents involving leased vehicles.
Several automakers have threatened to stop leasing vehicles in New York if the state Legislature did not change the "vicarious liability" law. But legislators adjourned without making the change.
Instead of leases, Ford will offer "balloon" loans that work like leases but transfer ownership of the vehicle to the driver.