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    Thread: Hertz is making maneuvers to avoid bankruptcy

    1. Member
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      05-05-2020 05:48 PM #1
      Rental car company Hertz is making last-minute maneuvers in a bid to avoid Chapter 11 bankruptcy amid an unprecedented slowdown in travel spending.

      Hertz has disclosed that it received approval from its lenders to continue negotiations through May 22 to “develop a financing strategy and structure that better reflects the economic impact" of COVID-19.

      The move comes amid widespread reports that the company is barreling toward a potential bankruptcy filing.

      Hertz warned in a public filing that the pandemic has led to "a rapid, sudden and dramatic negative impact" on its business. The company said it has "taken aggressive action to eliminate costs," including a plan announced April 14 to cut about 10,000 jobs.

      But the company still "faces significant ongoing operating expenses," including agreements that commit the company to lease more vehicles than it currently needs.
      https://www.usatoday.com/story/money...11/3084214001/

      If you got points, perhaps you might need to use them...

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    3. Member NotFast's Avatar
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      05-05-2020 05:51 PM #2
      Well it's only Chapter 11. All those auto loans and no income = can't make loan payments.

      But are the travel companies Too Big To Fail?

    4. Member LuckyDogg's Avatar
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      05-05-2020 07:54 PM #3
      Post title: “Hertz files bankruptcy”

      First line of post: “Hertz is making maneuvers to avoid bankruptcy”

      Therefore, Hertz has not filed bankruptcy

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      05-05-2020 08:30 PM #4
      "Of course that's just my opinion; I could be wrong."

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      05-05-2020 08:36 PM #5
      Quote Originally Posted by NotFast View Post
      Well it's only Chapter 11. All those auto loans and no income = can't make loan payments.

      But are the travel companies Too Big To Fail?
      Hmmm, maybe they should be responsible, and have six months' expenses in savings.


      But seriously, I've never had a good Hertz experience, and when I was traveling for work they were the absolute kings of nickel and diming me to death while never quite being budget enough to make up for it.
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    7. Member vwpiloto's Avatar
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      05-05-2020 08:41 PM #6
      Quote Originally Posted by Mazda 3s View Post
      Always the first thing that comes to mind when I hear of bankruptcy.

      And then I feel bad for all of the employees and other parties affected by it.

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      05-05-2020 08:50 PM #7
      Probably a Big blow to car makers who make a good chunk of their coin in fleet.

    9. Geriatric Member @McMike's Avatar
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      05-05-2020 08:54 PM #8
      Is it time for another "Would you buy a rental car" thread?

    10. Member Taco1933's Avatar
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      05-05-2020 09:08 PM #9
      It’s an industry that probably won’t bounce back quickly either. I hope they can find a way to ride this one out. We’re going to need rental cars again, just not right now.

    11. Member Egz's Avatar
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      05-05-2020 09:10 PM #10
      So Hertz is hurting because of a lower frequency of renters can't cover their volume of rental cars?

    12. Member vwpiloto's Avatar
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      05-05-2020 09:13 PM #11
      Quote Originally Posted by Egz View Post
      So Hertz is hurting because of a lower frequency of renters can't cover their volume of rental cars?

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      05-05-2020 09:21 PM #12
      Quote Originally Posted by Egz View Post
      So Hertz is hurting because of a lower frequency of renters can't cover their volume of rental cars?

      Problem solved/


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      05-05-2020 09:42 PM #13
      Quote Originally Posted by Egz View Post
      So Hertz is hurting because of a lower frequency of renters can't cover their volume of rental cars?
      This comment really resonates with me.

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      05-05-2020 09:47 PM #14
      Quote Originally Posted by Egz View Post
      So Hertz is hurting because of a lower frequency of renters can't cover their volume of rental cars?
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      05-05-2020 10:04 PM #15
      I feel bad for their employees, but as a company I'm actually kind of surprised it took so long.

      Pre-COVID I would rent ~once/week for business travel, and always hated when it was booked with Hertz. Compared to the competition their cars typically had higher mileage and often issues that went un-fixed, and occasionally I would get nickel/dimed over weird stuff. Actually, the last time I rented with them (maybe ever?) was in February--just for a couple hours for a meeting and put about 30 miles on it; I went to fill it up and it took 1/3 gallon before visibly coming up the filler neck. No way I would risk spilling so I turned it in a little low, telling them about it because I thought it was a safety issue.

      They wanted to charge me for the 2/3 gallon that wouldn't fit.

    17. Member Nealric's Avatar
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      05-05-2020 10:07 PM #16
      Quote Originally Posted by ghost03 View Post
      I feel bad for their employees, but as a company I'm actually kind of surprised it took so long.

      Pre-COVID I would rent ~once/week for business travel, and always hated when it was booked with Hertz. Compared to the competition their cars typically had higher mileage and often issues that went un-fixed, and occasionally I would get nickel/dimed over weird stuff. Actually, the last time I rented with them (maybe ever?) was in February--just for a couple hours for a meeting and put about 30 miles on it; I went to fill it up and it took 1/3 gallon before visibly coming up the filler neck. No way I would risk spilling so I turned it in a little low, telling them about it because I thought it was a safety issue.

      They wanted to charge me for the 2/3 gallon that wouldn't fit.
      I don't know, I've rented from all of them, and they are all basically the same. Bigger differences between locations than between companies.

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      05-05-2020 10:23 PM #17
      Who actually rents from Hertz?

      They tend to be at the top for being most expensive to rent from.
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      05-05-2020 10:32 PM #18
      If this happen, is this mean much more used car will flood the market?

      ready for one of these??
      Last edited by Avus; 05-05-2020 at 10:34 PM.
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      05-05-2020 10:45 PM #19
      Quote Originally Posted by Nealric View Post
      Bigger differences between locations than between companies.
      That is definitely true. Local management makes a tremendous difference.

      Quote Originally Posted by Nealric
      I've rented from all of them, and they are all basically the same.
      To be fair a lot of my Hertz rentals have been fine--and the more rentals the more likely there is to be an issue--but overall I have just had too many problems with Hertz. The example I gave was far from the worst, it just happened to be the most recent rental. Other issues include tacking on protection plans I didn't want, blaming for damage, refusing to flat bed a car with serious electrical glitches, excessive shuttle waits, etc. I also keep status with Enterprise and Sixt, and I know they aren't perfect, but I've never had a car I didn't feel safe in or a charge I needed to dispute.

    21. Senior Member 6cylVWguy's Avatar
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      05-05-2020 10:59 PM #20
      I don't rent a ton, but perhaps 5-6 times a year for work and have been using hertz for most of that time. I started with enterprise but after my 5th horrible nissan in a row, I went over to hertz. Never had a problem. Perhaps it's because I only rent from airport locations? I have always been able to find something a different each time I rented. Perhaps my opinion would be different if i rented several times a month.

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    22. Member GTI_CH's Avatar
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      05-05-2020 11:07 PM #21
      Yeah hertz is always crap. Never had any issues with the other brands.

    23. Member 16volt's Avatar
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      05-05-2020 11:11 PM #22
      Quote Originally Posted by ghost03 View Post

      To be fair .
      To be faaaiiir.....

      #letterkenney

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      05-05-2020 11:37 PM #23
      Quote Originally Posted by 16volt View Post
      To be faaaiiir.....

      #letterkenney
      Love that show. I never said "to be fair" until they made such a deal out of it. Started out ironically but now I just actually say it.

      Last edited by ghost03; 05-05-2020 at 11:51 PM.

    25. 05-06-2020 12:29 AM #24
      Quote Originally Posted by BsickPassat View Post
      Who actually rents from Hertz?

      They tend to be at the top for being most expensive to rent from.
      Not for me. I don't rent very often, but in the past I've used the "name your own price" feature on Priceline.com. Are they still offering that? So, I check out the current prices on the aggregator sites, and then go to Priceline. Start with a real lowball, and work up. Eventually, I get a hit. Most of the time, it's been Hertz.
      Rule #1: Keep the shiny side up, rubber side down.

    26. Member dr_spock's Avatar
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      05-06-2020 12:39 AM #25
      Quote Originally Posted by BsickPassat View Post
      Who actually rents from Hertz?

      They tend to be at the top for being most expensive to rent from.
      Perhaps those with corporate discounts.

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