Posted on 07/28/2020 8:29:03 AM PDT by Responsibility2nd
The rental car industry, like many others, has taken a massive beating at the hands of the coronavirus pandemic, and we’re now starting to see effects of the industry’s downturn. Hertz has been struggling to stay afloat after a significant portion of its business evaporated nearly overnight, and it declared bankruptcy in May. But as the Wall Street Journal reports, the company will be able to offload a big chunk of its vehicle fleet to help repay creditors.
Hertz Global Holdings Inc. said it has reached a temporary agreement with the group of creditors that had been fighting against the company’s plans to shed a large portion of its leased vehicle fleet. The filing states that Hertz and its lenders have found middle ground that allows repayment of debt in monthly installments through the end of the year, but the deal involves a fire sale of nearly 200,000 vehicles to raise funds for repayment.
The agreement still needs to be approved by a court, but if the deal makes it through, Hertz will need to sell off over 182,500 vehicles by the end of 2020. While that number is higher than the 144,000 that company officials originally proposed, the sales will still leave Hertz with more than 300,000 vehicles nationwide. The deal also allows Hertz to keep $900 from the sale of each vehicle that is sold.
(Excerpt) Read more at thedrive.com ...
Then when car is turned in, it is typically low-wage workers turning them around for the next renter. Are they checking the oil and keeping up with required maintenance items? Probably not as they just want to turn the car around at minimum cost. The average time a rental agency hangs on to a car is around 13 months but it's a rough 13 months on that poor car!
No thanks. I don't need to inherit those headaches.
yeah, come to think of it....I didn’t see it yesterday. It might be gone. Sad......
Have not heard anything. That would be a huge story here. The OC Supervisors pretty much scuttled the attempt to even bring the motion up, to them. I think there would be an insurrection, if they tried to remove The Duke. OC is not the bastion of Red, as in olden times, but there are a pretty significant number of us here.
Ping
You missed the joke.
CC
Your choice of the Avalon is commendable.
You really show your true arrogance. I’ll refrain from future comment about your ignorance.
Maybe they can run TV ads publicizing the sale.
A masked O.J. limping through an empty airport perhaps?
It’s only 1 experience, but I had a great deal way back on a great little rental Cavalier.
Sold through local independent dealer used, only 2 years old, 18k mi. My parents were of the “rentals are bad” but they liked our test drives.
I really liked the little car. Oh I had a few issues later, but no big deal for 8 years. Nice up-front price, 3-year loan at a great rate GMC because it was Washington’s Birthday. Minimal insurance.
Was sad to have to let it go, but it was 10 and the head gasket had gone and I really got the bug for a Monte Carlo (which I still have 18 years later).
Maybe I'm spoiled but I like buying a car brand new and being the only driver. I baby my cars and will do things like manually engine shift down hills and off-ramps so I save my brakes. I'm also meticulous about keeping to the manufacturer's maintenance schedules. I also strictly forbid the consumption of any food in my cars!
That’s a nice car.
We bought our 2018 Nissan Murano from Hertz last year and love it! We got about $2000 off and there were no typical dealer tricks. I couldn’t believe how easy and stress free my experience was. It’d be a shame if they didn’t survive this debacle.
I did my research before buying from Hertz. Prior to that, I felt the same way as you. However, my research (including Consumer Reports) showed that all the stereotypical behaviors you described about rental drivers weren’t actually the case. In fact, most rental car drivers are paranoid about having an accident or damaging the rental cars, especially since the charges for repair are so exorbitant, that they actually drive better in a rental than in their own car. The oil is changed every 3 months and regular maintenance is carried out and documented, especially when it’s a big company like Hertz. Sure, they could be lying about that, but so could Toyota when they claim a car has been “certified.” The bottom line is we couldn’t have afforded a brand new Murano at $45,000 so we bought a year old model for $18k.
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