Have Legal Questions? Ask a Lawyer Now.
I'm thinking that my personal liability in case of an automobile accident might be different if I were leasing vs owning the car I drive. Is that true? That is what I would hope to accomplish.
Thank you for your follow-up
. If that is what you are hoping to accomplish, then the answer is that there is no difference between owning and leasing. Liability in case of an accident is still both on the 'owner' and the operator. In case of a lease the 'owner' is deemed to be the party who under the lease signed the terms and agreed to assume the obligation, as the legal fiction still treats that vehicle as 'his' in case of an accident or liability. This is why leased vehicles are contractually obligated to obtain specific limits on insurance, so that the creditor is not liable in case of an accident, but instead the policy and the policy holder (the 'owner') are the ones who are instead liable. The difference between buying and leasing is about assets and capital gains as well as potential tax implications, but it has nothing to do pertaining to liability pertaining to accidents on the road.
Hope that helps clarify.
That answers my question.
Glad to help, truly! If there is anything else I can answer, please let me know and I would be happy to assist. Otherwise, if satisfied with my response, kindly do not forget to positively rate my answers so I can obtain credit for my work. Thank you!
Educator, Esq: Follow up question: Is the following
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).