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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/cars/2020/05/05/hertz-bankruptcy-talks-chapter-11/3084214001/

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

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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?
 

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Post title: “Hertz files bankruptcy”

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

Therefore, Hertz has not filed bankruptcy :rolleyes:
 

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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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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.
 

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So Hertz is hurting because of a lower frequency of renters can't cover their volume of rental cars?
:laugh: :laugh: :laugh:
 

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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. :banghead:
 

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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. :banghead:
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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If this happen, is this mean much more used car will flood the market?

ready for one of these??
 

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Bigger differences between locations than between companies.
That is definitely true. Local management makes a tremendous difference.

Nealric said:
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.
 

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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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