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(Yahoo)   Hertz really should have bought that supplemental insurance policy. Goodbye, Hertz   (finance.yahoo.com) divider line
    More: Followup, Private equity, Carl Icahn, The Wall Street Journal, Report, Debt, Wall Street, Manhattan, Thrifty car-rental brands  
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1619 clicks; posted to Business » on 22 May 2020 at 10:05 PM (7 days ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2020-05-22 5:50:48 PM  
Original Tweet:

 
2020-05-22 6:16:41 PM  
s.hdnux.comView Full Size
 
2020-05-22 6:18:47 PM  
Donut?
 
2020-05-22 6:25:47 PM  
They're filing for bankruptcy and it Hertz
 
2020-05-22 6:35:34 PM  
Thanks to pixel tracking, pretty much everybody knows that I'm looking for a used Frontier, so my news feed was full of this as it was unfolding.

Everything I've read so far says this will drive down used car prices even more.
 
2020-05-22 6:37:15 PM  
Fark user imageView Full Size


RIP.....
 
2020-05-22 6:46:44 PM  

Katerchen: Thanks to pixel tracking, pretty much everybody knows that I'm looking for a used Frontier, so my news feed was full of this as it was unfolding.

Everything I've read so far says this will drive down used car prices even more.


Yeah, there's an actual article in the queue now that pretty much says that. They have a fleet of over 500k cars just in the United States.
 
2020-05-22 6:56:26 PM  
Katerchen:
Everything I've read so far says this will drive down used car prices even more.

Depends on what kind of bankruptcy.  Is it just a reorganization or a liquidation?  If the latter than yeah, absolutely.  The dealer I buy my used cars from loves to pick up old fleet vehicles on the cheap.  I don't buy them though, too many miles on them usually though maybe that will change if they go under.

/JUST bought a used van before the plague came
//we still use it a bit but not as much as I intended when I bought it
 
2020-05-22 7:00:55 PM  
They floated $900 million in bonds at 6% back in November and are now joining the no-coupon-at-all club.  Which is crazy.  If you're getting 6% for your debt that is because nobody has the slightest inkling that you're headed to bankruptcy.
 
2020-05-22 7:07:53 PM  

OptionC: They floated $900 million in bonds at 6% back in November and are now joining the no-coupon-at-all club.  Which is crazy.  If you're getting 6% for your debt that is because nobody has the slightest inkling that you're headed to bankruptcy.


To be fair, they weren't headed to bankruptcy in November.
 
2020-05-22 7:50:06 PM  
But my #1 gold points!
 
2020-05-22 8:03:58 PM  

IgG4: But my #1 gold points!


I had like 8 free weekends saved up, blarg.
 
2020-05-22 8:21:53 PM  
My wife and I have used Alamo for years. We booked a car through some random company when we traveled back to Atlanta a few years ago, and they closed up early with no warning. The Alamo desk was open, and they were fast and helpful. We've consistently had good experiences with them, and will continue to use them.

/ymmv
 
2020-05-22 8:41:38 PM  
Filing for bankruptcy is different than being in receivership.
 
2020-05-22 10:14:28 PM  

Katerchen: Thanks to pixel tracking, pretty much everybody knows that I'm looking for a used Frontier, so my news feed was full of this as it was unfolding.

Everything I've read so far says this will drive down used car prices even more.


It might drive down prices, but the quality of their stock is sh*t. Buying a used rental car is a money pit.
 
2020-05-22 10:21:43 PM  
Going to be Alot of used up cars soon.
 
2020-05-22 10:25:46 PM  
I wonder if companies with large debt burdens like Hertz and maybe Staples are incentivized fo default with generous, 0% unlimited loans from the fed.
/Somewhere there is a guy named Mitt Romney who if he was human would laugh until his religious underwear was soiled.
 
2020-05-22 10:28:57 PM  
A little digging reveals that the majority of US corporate debt is held by insurance companies, with foreign investors and pensions next in line.  Who says you can't get a haircut during the lockdown?
 
2020-05-22 10:30:20 PM  

Katerchen: Thanks to pixel tracking, pretty much everybody knows that I'm looking for a used Frontier, so my news feed was full of this as it was unfolding.

Everything I've read so far says this will drive down used car prices even more.


This will also drive destroy car sales and leases.

Trade-ins will be worth a lot less after all those used cars are dumped on the market and more people will be upside down on their auto loans. Residual values for lease deals will also be impacted causing the monthly payments to go up.
 
2020-05-22 10:31:28 PM  

iheartscotch: Filing for bankruptcy is different than being in receivership.


Hertz owes a lot of money with their autos as collateral.  This will end like a train wreck.
 
2020-05-22 10:37:46 PM  

Katerchen: Thanks to pixel tracking, pretty much everybody knows that I'm looking for a used Frontier, so my news feed was full of this as it was unfolding.

Everything I've read so far says this will drive down used car prices even more.


Disagrees:
Donald Fagen - New Frontier (Video)
Youtube qBruAooXPNU
 
2020-05-22 10:42:46 PM  

SpaceMonkey-66: [Fark user image 425x283]

RIP.....


If you want until the fire sale, you could get a Hertz edition Camaro or Corvette real cheap, if you don't mind the yellow and black color scheme.

https://www.autoweek.com/news/sports-​c​ars/a32614189/hertz-selling-chevy-cama​ro-zl1-coupes/
https://www.businessinsider.com/hertz​-​selling-chevy-corvettes-as-it-prepares​-for-bankruptcy-2020-5
 
2020-05-22 10:48:13 PM  
Good. fark Hertz, their rigid and inflexible corporate rental policy, and their fleet of shiatboxes.

Eight straight months of Sun-Thur weekly rentals, and the best car they'd give me was a Versa. Garbage rates, garbage cars, absolutely zero rewards, no line bypass. Just farking awful.

Die, Hertz. Die.
 
2020-05-22 11:01:52 PM  
Also look at the possible impact it may have with the number of new cars they purchase annually. Could add a little hurt to the car companies that they don't need right now.
 
2020-05-22 11:26:58 PM  
Running your companies with huge amounts of debt just so you can pad your wealth score really works out in the long run for both the industry and the country as a whole, eh?
 
2020-05-22 11:33:13 PM  
 
2020-05-22 11:47:12 PM  
This sort of thing happens exactly once every second.
 
2020-05-22 11:49:38 PM  

wildlifer: Going to be A lot of used up cars soon.


Fark user imageView Full Size


750,000. THAT'S a lot.
 
2020-05-22 11:57:13 PM  
I guess maybe Avis won't have to try quite so hard
 
2020-05-23 12:07:08 AM  

naughtyrev: Katerchen: Thanks to pixel tracking, pretty much everybody knows that I'm looking for a used Frontier, so my news feed was full of this as it was unfolding.

Everything I've read so far says this will drive down used car prices even more.

It might drive down prices, but the quality of their stock is sh*t. Buying a used rental car is a money pit.


Oh of course not. I wouldn't touch a used rental. But this bankruptcy will squeeze the channel on both ends. Late model used cars and off-lease car prices will suffer, as will new car sales, because a rental giant is not buying them to replenish their fleet. And I get that they buy base models for the most part, but the effect will ripple to high end and also to brands that are not traditionally favored by rental companies.
 
2020-05-23 12:19:50 AM  

The Headless Horseman's Headless Horse: Good. fark Hertz, their rigid and inflexible corporate rental policy, and their fleet of shiatboxes.

Eight straight months of Sun-Thur weekly rentals, and the best car they'd give me was a Versa. Garbage rates, garbage cars, absolutely zero rewards, no line bypass. Just farking awful.

Die, Hertz. Die.


That is a location problem, not a Hertz problem.  Also, they probably figured if you weren't smart enough for a long term rental then it wasn't worth giving you free upgrades.
 
2020-05-23 12:35:16 AM  
Funny. I had a Rental a few years ago and searched the dash to see if there was any hidden objects, and found a card declaring the owner was a subset of the company for liability reasons. These companies lease the vehicles so they don't actually own them.
 
2020-05-23 12:47:11 AM  
For twice the money, I will feel bad for them*

*or similar
 
2020-05-23 2:31:02 AM  

TedCruz'sCrazyDad: Katerchen: Thanks to pixel tracking, pretty much everybody knows that I'm looking for a used Frontier, so my news feed was full of this as it was unfolding.

Everything I've read so far says this will drive down used car prices even more.

This will also drive destroy car sales and leases.

Trade-ins will be worth a lot less after all those used cars are dumped on the market and more people will be upside down on their auto loans. Residual values for lease deals will also be impacted causing the monthly payments to go up.


it's just so many cars, and they are all part of a regular buy in bulk / rent / sell cycle that's been going on a long time. no worries.
 
2020-05-23 8:05:15 AM  

The Headless Horseman's Headless Horse: Good. fark Hertz, their rigid and inflexible corporate rental policy, and their fleet of shiatboxes.

Eight straight months of Sun-Thur weekly rentals, and the best car they'd give me was a Versa. Garbage rates, garbage cars, absolutely zero rewards, no line bypass. Just farking awful.

Die, Hertz. Die.


If it was you choice, then it's your fault for using them. If it is/was a corporate account and mandatory, you weren't paying for it so what do you care?
 
2020-05-23 8:29:40 AM  
Poor Dick.
 
2020-05-23 8:34:59 AM  
Bastards overcharged me by €550 once, burn in hell
 
2020-05-23 8:43:54 AM  

naughtyrev: Katerchen: Thanks to pixel tracking, pretty much everybody knows that I'm looking for a used Frontier, so my news feed was full of this as it was unfolding.

Everything I've read so far says this will drive down used car prices even more.

It might drive down prices, but the quality of their stock is sh*t. Buying a used rental car is a money pit.


Buying any used car is a risk, you often have no idea of how it was used/driven. I get the idea that people treat rentals hard. There is also the strong possibility that it was mostly driven by people whose own car was in the shop or someone travelling for business that didn't want to deal with any sort of hassle from any damage to the vehicle so drove it carefully.  Overall I don't think the risk is any different than buying any used vehicle. Have it inspected by someone you trust and it should be fine.
 
2020-05-23 9:06:21 AM  

RogermcAllen: The Headless Horseman's Headless Horse: Good. fark Hertz, their rigid and inflexible corporate rental policy, and their fleet of shiatboxes.

Eight straight months of Sun-Thur weekly rentals, and the best car they'd give me was a Versa. Garbage rates, garbage cars, absolutely zero rewards, no line bypass. Just farking awful.

Die, Hertz. Die.

That is a location problem, not a Hertz problem.  Also, they probably figured if you weren't smart enough for a long term rental then it wasn't worth giving you free upgrades.


First, I was renting from Logan. It was most definitely not a location problem. It was a fleet of shiatboxes.

Second, why would I rent long-term when I was only in town for four days per week? Most places reward those who frequent them on a weekly basis.

National, Avis, Enterprise and Alamo are all fantastic choices, and cater well to those traveling on a corporate account - discounted rates, the ability to keep rewards, your choice of something decent, the ability to get in and out of a location quickly.

Hertz farkin blows. Roll over and die already.
 
2020-05-23 9:08:33 AM  

TedCruz'sCrazyDad: iheartscotch: Filing for bankruptcy is different than being in receivership.

Hertz owes a lot of money with their autos as collateral.  This will end like a train wreck.


Solution:
Open up normalized trade with Cuba.

They could take half a million used cars like Subby's mom takes the pool boy.

Even if it took a couple years to set up trade flows so Cuba can pay or borrow for the cars, they'd still gladly take the cars.

Or, we can just keep punishing Cuba for whatever it is they do, while continuing to be Communist China's trading biatch.

We can continue to be hypocrites because "reasons". Or we can open up new revenue/trade streams at a historically desperate time of need.
 
2020-05-23 9:20:52 AM  

pxlboy: We booked a car through some random company when we traveled back to Atlanta a few years ago, and they closed up early with no warning.


Weird. When you look at the hours car rental counters are open, they often show they close at whatever time. But if you rent a car with your airline reservation (or input your flight data on the reservation) they are supposed to stay open with one person at the counter until the last flight has arrived with the customer who has a reservation.
 
2020-05-23 10:38:04 AM  
It's funny that all these MBA's and billionaires that piss on the problems of the working class with "well you should plan better and save more" are being shown to only be able to exploit success, not actually plan a business for real, lasting, success.

It's not funny that when this went down, all those MBA's and billionaires got together with McConnell to make sure they blew through 2 trillion just for lols so that you would be guaranteed not to receive any of the "stimulus" 2 trillion dollar debt you will be assumed to pay off.
 
6 days ago  
19 billion in debt and they don't even own the cars they rent. That how MBA's run businesses.
 
6 days ago  

Katerchen: Thanks to pixel tracking, pretty much everybody knows that I'm looking for a used Frontier, so my news feed was full of this as it was unfolding.

Everything I've read so far says this will drive down used car prices even more.


It will drive down trade-in and sales values more because buyers are going to be unwilling to take the cars for much because they'll soon be competing with deep reductions on new 2020 cars that dealers are trying to move before 2021 models land.

Don't expect to see huge discounts on used.
 
6 days ago  

OptionC: They floated $900 million in bonds at 6% back in November and are now joining the no-coupon-at-all club.  Which is crazy.  If you're getting 6% for your debt that is because nobody has the slightest inkling that you're headed to bankruptcy.


Neither did Hertz till the travel industry literally ended overnight
 
6 days ago  

The Headless Horseman's Headless Horse: Good. fark Hertz, their rigid and inflexible corporate rental policy, and their fleet of shiatboxes.

Eight straight months of Sun-Thur weekly rentals, and the best car they'd give me was a Versa. Garbage rates, garbage cars, absolutely zero rewards, no line bypass. Just farking awful.

Die, Hertz. Die.


I love national. They aren't the cheapest but once you get executive elite status the selection is quite nice, I got a BMW convertible last time I went to NC for $40/day because you book their standard rate and basically get your pick of the lot, and if you are looking for something specific you can often ask and if they have it you can take it, I use this a couple of times a year to rent a truck or can for dump runs and such around the house
 
6 days ago  

cretinbob: [s.hdnux.com image 199x250]


It's a cutthroat business, and they're slashing jobs.
 
6 days ago  

sgarri7777: 19 billion in debt and they don't even own the cars they rent. That how MBA's run businesses.


Carl Ichan is running the place. He has that effect on everything he touches.
 
6 days ago  

buzzcut73: sgarri7777: 19 billion in debt and they don't even own the cars they rent. That how MBA's run businesses.

Carl Ichan is running the place. He has that effect on everything he touches.


Ichan't believe it's not profitable.
 
6 days ago  

Loki009: The Headless Horseman's Headless Horse: Good. fark Hertz, their rigid and inflexible corporate rental policy, and their fleet of shiatboxes.

Eight straight months of Sun-Thur weekly rentals, and the best car they'd give me was a Versa. Garbage rates, garbage cars, absolutely zero rewards, no line bypass. Just farking awful.

Die, Hertz. Die.

I love national. They aren't the cheapest but once you get executive elite status the selection is quite nice, I got a BMW convertible last time I went to NC for $40/day because you book their standard rate and basically get your pick of the lot, and if you are looking for something specific you can often ask and if they have it you can take it, I use this a couple of times a year to rent a truck or can for dump runs and such around the house


Yep, National is my favorite by far. Everything is smooth and quick, and their yearly One Two Free promotion is the best there is. I racked up over two weeks of free days this year alone.

I used two free days around home on their Premium class, and MSP doesn't really have a "premium" aisle. In those situations they handed me the keys to a choice from their Premier Selection - once was a Volvo S90, which I was surprised by how much I enjoyed, and the last time was a Ghibli for something like $40 extra.

National's the tits.
 
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