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Dimitry K., Esq.
Dimitry K., Esq., Attorney
Category: Legal
Satisfied Customers: 41220
Experience:  Multiple jurisdictions, specialize in business/contract disputes, estate creation and administration.
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Ive heard that leasing vs owning a car affords some asset

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I've heard that leasing vs owning a car affords some asset protection. Is that true, and if so please explain?
Thank you for your post. Please permit me to assist you with your concerns.

That very much depends on what specifically you refer to as an 'asset' protection. Could you please explain and also what you would ideally wish to accomplish? Then I could better explain the benefit of a lease rather than ownership. Thank you!
Customer: replied 2 years ago.

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.

Customer: replied 2 years ago.

Thanks, Dimitry

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!

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