Hertz files for bankruptcy

[RandySF]

New York(CNN Business) Hertz filed for bankruptcy Friday night, the latest victim of the sudden economic downturn sparked by the Covid-19 pandemic.

The company has been renting cars since 1918, when it set up shop with a dozen Ford Model Ts, and has survived the Great Depression, the virtual halt of US auto production during World War II and numerous oil price shocks. By declaring bankruptcy, Hertz says it intends to stay in business while restructuring its debts and emerging a financially healthier company.

"The impact of Covid-19 on travel demand was sudden and dramatic, causing an abrupt decline in the company's revenue and future bookings," said the company's statement. It said while it too immediate action in response to the crisis. "uncertainty remains as to when revenue will return and when the used-car market will fully re-open for sales, which necessitated today's action."



https://www.google.com/amp/s/amp.cnn.com/cnn/2020/05/22/business/hertz-bankruptcy/index.html

[SunSeeker]

1. Bet you can get a deal on low mile rental cars for sale right now. nt

[TheBlackAdder]

4. I would never by a rental car. They are beaten, self-insured, self-repaired. Could be a salvage.

.

Since those car repairs are all handled internally, you could be getting a salvage or near salvage repaired vehicle, a flood vehicle, etc. and it would show up with a perfect history on any of the car database sites. Many of the times, since they know they have the cars for a limited mileage, the oil is rarely changed, just topped off.

If you see the words, Fleet, Rental, Corporate, etc. in the car's history... run away from it.

.

[SunSeeker]

5. A friend of mine bought a Chrysler 300 from Hertz last year and loves it.

It was a 2019 with 20k on the odometer and looks brand new. I agree that fleet vehicles can be really bad, but Hertz says their cars are regularly maintained, and that Chrysler looks and sounds well-maintained. I'd never want the style of cars that rental companies use, but seems like a good deal if you like sedans and minivans. And Hertz lets you drive the car you're thinking of buying for 3 days as a rental to see if you like it. If you don't like it you can return it and only pay the cost of renting it for three days. My friend kept his and they applied the 3 days to the sale price.

[TheBlackAdder]

6. OK, let's see how it holds up.

[Historic NY]

2. Lots of people won't be flying they should market them ...

after all most of their business revolved around air travel

[Hugin]

3. Hertz was also hit pretty hard by the airbag recalls.

Although, it's not mentioned in the article.

[DFW]

7. Maybe I can get a good deal on a rental this summer in the States--IF we make it!

For once, the German foreign ministry has to weigh in, and they haven't made a decision, yet. Flights to the USA have already doubled in price, but we don't dare book one yet until we know that my wife can come back and not be quarantined for two weeks. Her mom will be 93 in September, and our second grandchild is due in two weeks. She has a full schedule for the time after she is scheduled to return. She can't afford two weeks of quarantine. We're still waiting to hear. At least the US embassy in Berlin was helpful for once. They provided the text for the rules for visitors to the USA. Foreign wives of US citizens may accompany their husbands if traveling together.

We have to rent a car for the four weeks we are out in the middle of nowhere on Cape Cod. There is no other way to get around there.