That Hertz
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Car rental firm Hertz Global Holdings Inc is preparing to file for bankruptcy as soon as Friday night after failing to reach a standstill agreement with its top lenders, the Wall Street Journal reported https://on.wsj.com/2A4ONKs, citing people familiar with the matter.
The company, which operates the Hertz, Dollar and Thrifty car-rental brands, had been holding talks with creditors after missing significant car-lease payments in April. Forbearance and waiver agreements on the missed payments were set to expire on Friday.
The creditors had asked for upfront compensation from the company in exchange for a further extension, but the two sides could not come to an agreement, according to the WSJ report.
Hertz did not immediately respond to a request for comment.
The more than a century old car rental firm, whose largest shareholder is billionaire investor Carl Icahn, is reeling from government orders restricting travel and requiring citizens to remain home.
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I’m sure Carl Icahn loading it up with debt didn’t help.
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So we should all band together and do everything we can to save our beloved restaurants, including introducing legislation to try and protect them from profiteering delivery drivers (damn bastards want $3.00 to deliver a $10 burrito to a 10th floor apartment!), but screw the car rental business. Got it.
Maybe we should get a law that makes Lyft and Uber so expensive that nobody uses them and rents a car instead?
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It is interesting that congress chose to save the airlines shareholders and not the rental car companies shareholders.
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Hertz won’t go out of business, they’ll wipe out Icahn and the debt holders will proceed as the new owners.
But yeah, I can imagine they’ll be liquidating parts of their fleet.
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"My pronouns are FA/FO." - Mik, 2024
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@Mik
I rented a Mustang convertible when we were last in Hawaii.
Frankly, when I could, I drove the hell out of it.
Much as I tried, it would not launch like I expected when power-braked, and it was unsteady on rough road curves. But, I expected it to handle worse since it was a convertible.
Not sure I would want to buy a rental from Hertz or Enterprise, although I've looked at their offerings as they have sales lots nearby. Some people drive their rentals pretty hard, even when engine is cold. -
I meant to post about this months ago.
In February I was in Florida with the boy and we ended up renting two different convertible muscle cars (Long story, itself thread-worthy). Mustang 5l gt and Camaro SS. I greatly preferred the Mustang for comfort. It sounded more badass and I think accelerated better, though the comparisons weren’t close enough in time and place for me to know for sure.
Didn’t get a chance to test handling so much.
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Decent price on a 2020 CX-5. I’ve been seriously considering one.
Only problem is I want the turbo with 250 horses. This was is the regular with 187.
But it’s like 22k for a 2020 with 7k miles.
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We have bought cars from Hertz on two occasions.
One was a Ford Escort, I think it was a 1998, that got totaled in 2002. We had no trouble with it until that time.
Then, we had a Ford Focus, we had it for about 5 years until it gave up the ghost. It gave little trouble as well.
They were both "kids' cars".
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When I worked for the American Bar Association, I negotiated the Hertz deal for the Society. We were their largest customer after the Federal Government. Still, even when times were good, one had the sense that they were operating on slim margins and were one step away from oblivion.
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I’ve rented cars on a weekly basis probably 150 or more times since 1985. Very few of them have I driven hard at all. Mostly the Maximas when I would take the Blue Ridge Parkway to the client. With no traffic at all I threw them around pretty good. Fun. But most renters are business folks and just drive them normally. I would not hesitate to buy one.
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@Mik said in That Hertz:
I’ve rented cars on a weekly basis probably 150 or more times since 1985. Very few of them have I driven hard at all. Mostly the Maximas when I would take the Blue Ridge Parkway to the client. With no traffic at all I threw them around pretty good. Fun. But most renters are business folks and just drive them normally. I would not hesitate to buy one.
Agreed, especially considering they are yakking on the phone most of the time while driving. No one feels sporty in a rent-a-car.
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Yeah but...
The special sporty ones you pay extra for and reserve specially are different.
Nobody pays extra for the mustang 5l gt and doesn’t gun it at every intersection
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