Hertz Car Rental Fire sale Monday

[CKN]

Originally Posted by alarmguy
Exactly, Hertz is not going out of business, Chapter 11 is to protect them from creditors while they restructure. Problem is 19 billion in debt and 1 billion in cash, no business to pay the debt due to the virus.
Hopefully once people start traveling again we will get back to normal. If we dont, it wont only be Hertz, it will be everything associated with travel that crashes.
Expect more..


In a Chapter 11 ALL THE CREDITORS need to agree with what ever plan Hertz comes up with. I have been involved with bankruptcies in my career-creditors can nix the plan and force them in to a Chapter 13.

If the creditors think there is absolutely zero hope-or not even enough assets should they not recover-many will not wait.
A couple of key take-aways-
If a company filing for Chapter 11 opts to propose a reorganization plan, it must be in the best interest of the creditors.
If the debtor does not suggest a program, the creditors may propose one instead.

 

[53' Stude]

Originally Posted by alarmguy
Exactly, Hertz is not going out of business, Chapter 11 is to protect them from creditors while they restructure. Problem is 19 billion in debt and 1 billion in cash, no business to pay the debt due to the virus.
Hopefully once people start traveling again we will get back to normal. If we dont, it wont only be Hertz, it will be everything associated with travel that crashes.
Expect more..


You really are flat out, stone cold CRAZY. IM GLAD YOU ARE TOO, as I do know HERTZ ain't coming back from this. Maybe you didn't read when I said there are no mechanics, and very, very few new car deliveries. Wonder why 🤔🤔🤔🤔

 

[dareo]

Icahn and Hertz board members have sold their stock. I certainly sold mine (ouch). That thing is gonna get stripped to the bone.

 

[CKN]

Originally Posted by 53' Stude
Originally Posted by alarmguy
Exactly, Hertz is not going out of business, Chapter 11 is to protect them from creditors while they restructure. Problem is 19 billion in debt and 1 billion in cash, no business to pay the debt due to the virus.
Hopefully once people start traveling again we will get back to normal. If we dont, it wont only be Hertz, it will be everything associated with travel that crashes.
Expect more..


You really are flat out, stone cold CRAZY. IM GLAD YOU ARE TOO, as I do know HERTZ ain't coming back from this. Maybe you didn't read when I said there are no mechanics, and very, very few new car deliveries. Wonder why 🤔🤔🤔🤔



A couple of points-even so called "travel experts" think that it will take MULTIPLE YEARS (2 to 3 or more) for the travel industry as a whole to recover. Hertz does not have enough cash to wait until it does.

I am an quite a fan of cruising-the virus itself doesn't scare me any where near as the incompetent handling of passengers (both on the Local, State, Federal and Corporate Levels) when a case of Corona Virus breaks out on a cruise ship. Therefore-I have no intention of booking a cruise for at least the next 12 months-AT LEAST!

I don't wish for my two week cruise to end up in a months long -stuck on a cruise ship situation.

I agree with the above sentiment-Hertz is done!

 

[53' Stude]

Originally Posted by dareo
Icahn and Hertz board members have sold their stock. I certainly sold mine (ouch). That thing is gonna get stripped to the bone.



Yes sir. Some people just post for effect. I don't feel sorry for Hertz anyways. Stupid is as stupid does.

 

[Wolf359]

Originally Posted by 53' Stude
Originally Posted by alarmguy
Exactly, Hertz is not going out of business, Chapter 11 is to protect them from creditors while they restructure. Problem is 19 billion in debt and 1 billion in cash, no business to pay the debt due to the virus.
Hopefully once people start traveling again we will get back to normal. If we dont, it wont only be Hertz, it will be everything associated with travel that crashes.
Expect more..


You really are flat out, stone cold CRAZY. IM GLAD YOU ARE TOO, as I do know HERTZ ain't coming back from this. Maybe you didn't read when I said there are no mechanics, and very, very few new car deliveries. Wonder why 🤔🤔🤔🤔


Avis stock is up. The Hertz stock might be worthless but I think as a business they'll probably still be around. The creditors are all going to get a haircut. Someone might buy them out of bankruptcy. You don't need mechanics when utilization is way down.

 

[JTK]

I think what's happening with much of the rental fleet sell-off is the car dealers are snapping them up before the general population can get at them.

I forget if it was here or a Nissan board I frequent, but a fella was interested in an ex-rental late model Pathfinder. 10 or more came available on the Hertz car sales website. Before he could lock one in, CarMax bought them all up. With the 'shortage' of used vehicles, it makes sense.

 

[BLND1]

The rental car companies inspect and keep the best of their fleets and auction off any others. The Kia Soul we bought from Hertz was two years old with 50k miles. That is an average of 68.5 miles per day, so it was driven a lot, to be sure. I asked for service records and they had them electronically. The car had been registered in California originally and we bought it in Texas. Every oil change was performed within 300 miles of 7500 miles. It had new tires and had been detailed. We have not had any issues with it. Most rental cars are driven from airports to hotel and restaurants. Some are abused, but most are not.

Rental trucks are abused. Big time. Lots of longer term rentals and off-highway use. Truck rentals go through the roof out west during wildfire and construction seasons. Maintenance is definitely more “when we can.”

Economy cars are abused (nissan versa, etc.), ridden hard and put away wet. They are typically lower quality to begin with and just don’t handle the constant abuse.

The rest are generally OK, as they will hit their maintenance marks, and aren’t subject to quite the same usage patterns.

 

[Rochev]

I had a rental car for the summer years ago when I was a teenager. I'd never buy a rental car. An ex-rental may have never been abused. But, how would you know?

 

[supton]

I had a rental car for the summer years ago when I was a teenager. I'd never buy a rental car. An ex-rental may have never been abused. But, how would you know?

Around here, people worry about cars being abused while new on the dealer's lot. Or while being dropped off for any service that may require some driving to diagnose. Let alone any used car...

There are no sure bets in life.

 

[Rmay635703]

Holy threadbump Batman

Now the fun part is everything in this thread turned out to be mostly moot

 

[tbm5690]

Holy threadbump Batman

Now the fun part is everything in this thread turned out to be mostly moot

It's a spam post.