J.P. Morgan Chase & Co., the second-
biggest U.S. bank, said it will lease cars again in Rhode Island
because the governor is scheduled to sign a law limiting
liability for auto-leasing companies.
Leases will be offered to dealers and residents whose lease
terms don’t exceed 39 months through its Chase Manhattan
Automotive Finance unit, the company said in a statement. The
bank may have to exit the leasing business next July if the law
isn’t permanent, it said.
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J.P. Morgan stopped writing leases in the Rhode Island
market last October after a court awarded $28 million against the
bank. The new law will be in effect for a year, the New York-
based company said.
The unit left the New York market July 1 because of a
similar law that allows auto accident victims to sue leasing
companies. It decided to stay in Connecticut after lawmakers
passed a bill limiting liability.
Shares of J.P. Morgan rose 33 cents to $35.40 as of
4:16 p.m. in New York Stock Exchange composite trading. They’ve
risen 48 percent so far this year.
Bloomberg News
