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Difference is "vicarious liability" law..... Posted by MI-Roger [Email] (#882) [Profile/Gallery] (more from MI-Roger) on Fri, 7 Jan 2005 16:41:39 In Reply to: SmartBuy Vs SmartLease, JamesD, Fri, 7 Jan 2005 14:11:06 Members do not see ads below this line. - Help Keep This Site Online - Signup |
The SmartBuy is indeed a Balloon Loan, or nearly so. The purchaser's name is on the vehicle's title, and the purchaser pays interest and only a portion of the principal each month. Monthly payment is nearly the same as a Lease.
These plans are now offered in New York in place of Leasing because of New York's eighty year old Vicarious Liability law. This law says the person or entity named on the vehicle's title as owner is responsible for torts committed by the driver.
I believe the last payment of the SmartBuy offers two options. Pay the final amount due and the car continues to be yours, or surrender the car whose value is predetermined at time of purchase to be equal to the final payment amount. But this is just my understanding of how it works, I may be wrong.
posted by 68.42.11...
_______________________________________ Saabs owned: 2008 9-5 Aero Sedan, sold at 227K miles 2006 9-3SC 2.0T - Wife's daily driver 2000 Viggen Convertible - Sold May, 2022 1964 Quantum IV Formula Car - Retirement project 2000 9-5lpt Sedan, sold at 318K miles
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