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.
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