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 were now starting to see effects of the industrys 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 companys 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 ...
I wish I was in need of a car. I would have bought a new car in April at drastic discounts with 0.0% over 84 months.
Now? Now we will have the opportunity to buy a nearly new car at even greater discounts.
It's a buyers market.
Yes, but you save even more money by not buying a car.
Sounds great. Maybe if our old car takes a turn for the worse.
I bought my wife a 2018 Toyota Avalon last year from Hertz. We are 100% satisfied with how that worked out.
$1 each ,I’ll take 10 ,LOL
I flew into Orange County (John Wayne in Southern Cal) yesterday on American. I have never seen it worse (empty, slow) whatever you want to call it. In fact, when our plane arrived, we were the only plane arriving as I far as I could tell. Not a soul at any other gates and this was around 4:00 pm.
I went down to Hertz to get my car, wow....how depressing and sad. Like an empty lot. I’m surprised they even had a car for me. They are mostly one and I don’t mean rented out. Just gone. One person working the desk. Not a single other customer. Newsome has destroyed California. I don’t see how they ever recover.
Guessing the actual total devastating $$$ number for this entire scamDEMic will be in the, as the squaw would say, ‘buh-zillions’. NOT all small businesses are benefiting from the stimulus bills. Butt, it seems like FONs* are doin’ okay.
FON=Friends Of Nanzi
And any petroleum or natural gas or coal powered automobile will be illegal in a few years anyway. Or the fuel to drive it anywhere will be illegal and unobtainable. That’s the Green New Deal. In the interim, restrictions on interstate travel and closure of destinations, hotels, and campgrounds and Wuhan coronavirus control measures make automobile travel less desirable.
Does it come with a real spare tire or a Hertz donut?
Wow Hertz still exists? Haven’t seen a commercial or building for them in ages. And has half a million cars? Crazy. It’s definitely gonna crash the used car market. But that’s probably good, it’s been inflated since cash for clunkers gutted inventory. When a 3 year old used car is selling for only 3 grand less than the new model the market is wrong.
Just remember, “Nothing goes over bumps like a rental car.”
Ditto, I got a rental 2010 Dodge Avenger that’s been a peach. I figure a rental’s won the “Car Olympics”- constantly cleaned, regular oil changes. And I figure people don’t beat the snot out of them for fear of repair costs.
cant go wrong with Toyota. Had a ‘06 Camry, 14K miles when I bought it. drove it for years, gave it to my daughter. it had 271,000 on it when she traded it in last year. it needed a water pump twice over the 13 years we had it. other than that, only routine maintenance. wife’s Camry is an ‘09, bought new. still have it, just turn 245,000 miles. needed an upper motor mount a few years ago for about $150,other than that,only routine maintenance.
Carl Icahn levered them up to the gills and wasn’t prepared for a downturn. Lenders will lose.
pfl
Where can you buy them at?
I went to their website, and they’re going to need better prices to move the stock they have. If you’re in the market for a used car, waiting will get probably bring a better deal
I noticed that when I picked up my daughter, there, last month. Parked in a near empty lot, just before the plane was scheduled to land, according to Flight Aware. Usually plenty of time to meet her at the escalator by the baggage claim. She was already at the terminal exit, when I crossed the street.
That was a day before all of the bruhaha broke out about a 50 year old statement. Now I am sorry I didn’t go in and pay tribute to The Duke statue . . .
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