May 23, 2020, 4:39 am
Last edit by: FlyinHawaiian
Official Press Release - click here
Excerpts:
Excerpts:
- Hertz Global Holdings, Inc. (NYSE: HTZ) ("Hertz" or the "Company") ... announced it and certain of its U.S. and Canadian subsidiaries have filed voluntary petitions for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware.
- All customer and loyalty programs [are] expected to continue as usual
- Hertz's principal international operating regions including Europe, Australia and New Zealand are not included in [the] U.S. Chapter 11 proceedings. In addition, Hertz's franchised locations, which are not owned by the Company, also are not included in the Chapter 11 proceedings.
- All of Hertz's businesses globally, including its Hertz, Dollar, Thrifty, Firefly, Hertz Car Sales, and Donlen subsidiaries, are open and serving customers. All reservations, promotional offers, vouchers, and customer and loyalty programs, including rewards points, are expected to continue as usual.
Consolidated "Hertz Files for Chapter 11 Bankruptcy on May 22, 2020" Thread
May 5, 2020, 1:04 pm
#46
Join Date: Aug 2018
Posts: 83
Based on what I know about automotive residual values (not much, I admit), the dreamier the car, the worse the residual value hit. I would think that these dream cars are the absolute last ones that lessors want back.
BMW 7 Series/Mercedes AMG-line/Porsche etc. buyers aren't particularly price sensitive and generally want to buy/lease new vehicles. Last year I was in the market for a new car and talking to a Mercedes dealer. I was somewhat interested in the C43 AMG Coupe but it would have required a special order, paying close to MSRP, and there were none around to actually test drive... So I ruled the car out. But the saleswoman did her best to try to sell me a used S Class coupe for the same price as a new C Class!
BMW 7 Series/Mercedes AMG-line/Porsche etc. buyers aren't particularly price sensitive and generally want to buy/lease new vehicles. Last year I was in the market for a new car and talking to a Mercedes dealer. I was somewhat interested in the C43 AMG Coupe but it would have required a special order, paying close to MSRP, and there were none around to actually test drive... So I ruled the car out. But the saleswoman did her best to try to sell me a used S Class coupe for the same price as a new C Class!
May 5, 2020, 1:19 pm
#47
FlyerTalk Evangelist
Join Date: Nov 2001
Location: Wanting First. Buying First.
Programs: Lifetime Executive Diamond Platinum VIP with Braniff, Eastern, Midway, National & Pan Am
Posts: 17,492
If you were in the market for a car like Hertz has in its Dream Cars collection, would you ever consider a former rental car?
I'm pretty sure I could sell a high mileage Altima tomorrow if I had to. A former rental car 7 Series or Porsche, doubtful.
As a Hertz customer, if I was frustrated with their cars pre-pandemic, getting rid of everything worth driving gives me ZERO incentive to book with Hertz once travel resumes. Keep some decent cars in the fleet and I might actually reserve those classes in the future if the bulk of what's left skews ever more towards the 60K mile Chrysler 200 hypothesized upthread... But if there's nothing but ultra high mileage beaters left at any rental rate, I'm gone for good.
May 5, 2020, 1:57 pm
#48
Moderator: Avis and Rental Cars
Join Date: Oct 2006
Posts: 8,032
Nah, at the rate folks are traveling now, you might come across a 2018 model year car in 2021, but it will only have 30k on it 
I'm curious how many people even know their car is a former rental. My aunt has a mid 2010 Hyundai. When I first saw it (after about a year of her having it), the first thing I noticed was that it still had the Avis "no smoking/$250 penalty" stickers in the front windows. I commented to her about it and she "just thought the old owner didn't want anyone smoking in their car and had these made up." It never occurred to her that she was buying a rental. But now that she's had it >5 years and it's still running well, she would not hesitate to buy another rental car. No matter what I tell her, I can't change her mind.
I'm curious how many people even know their car is a former rental. My aunt has a mid 2010 Hyundai. When I first saw it (after about a year of her having it), the first thing I noticed was that it still had the Avis "no smoking/$250 penalty" stickers in the front windows. I commented to her about it and she "just thought the old owner didn't want anyone smoking in their car and had these made up." It never occurred to her that she was buying a rental. But now that she's had it >5 years and it's still running well, she would not hesitate to buy another rental car. No matter what I tell her, I can't change her mind.
May 5, 2020, 6:50 pm
#50
Join Date: Jan 2012
Programs: Hilton Honors, Hertz Presidents Circle, National Executive Elite
Posts: 275
Being an essential and still having to rent from them weekly, I had already seen multiple previous generation altima/camry/sonata(the pre-refreshed model) back in the fleet.
I had also seen a few previous gen Jettas.
I had also seen a few previous gen Jettas.
May 5, 2020, 9:30 pm
#52
Join Date: Feb 2003
Location: STL, MO-US and A , SWA A-List, Marriott LTTE, Hilton Gold, Hertz PC
Posts: 1,883
Where are they getting all of these old beaters from? Can’t imagine Hertz has many used car lots to pull from, I’ve never seen one.
May 6, 2020, 12:25 am
#53
Join Date: Feb 2010
Location: London / Los Angeles
Programs: Hilton Diamond, IHG Diamond Ambassador, Marriott Platinum, Hyatt Globalist, BA Silver
Posts: 1,631
I have about 14k points that I bought last year in the Daily Getaways promotion. Would they really just suspend those points in the event of managed bankruptcy? What did the airlines - e.g. American Airlines - do with their mileage programs when they filed for Chapter 11 back in the early 2000s?
Any recommendations on what I should do?
Any recommendations on what I should do?
May 6, 2020, 4:55 am
#54
Join Date: Oct 2016
Posts: 3,704
I was thinking about what would happen even to Hertz's own points system assuming bankruptcy. Good that I used them all up last summer when the devaluations were announced.
By the way, last year and before, I noticed quite a number of Hertz cars driving around my area, along with Enterprise and a few Avis/Budget. (My town has all 3.) Before covid, starting around last summer. I noticed drastically fewer Hertz cars on the road, many more Enterprise, and slightly more Avis/Budget. Keep it up Hertz. It's not like people are jumping for the high prices you didn't earn, increasingly useless points, lackluster service, billing errors, etc.
By the way, last year and before, I noticed quite a number of Hertz cars driving around my area, along with Enterprise and a few Avis/Budget. (My town has all 3.) Before covid, starting around last summer. I noticed drastically fewer Hertz cars on the road, many more Enterprise, and slightly more Avis/Budget. Keep it up Hertz. It's not like people are jumping for the high prices you didn't earn, increasingly useless points, lackluster service, billing errors, etc.
No. Rates are low in most places so you wouldn't get a good value, and Hertz is headed towards reorganization, not liquidation.
Last edited by FlyinHawaiian; May 6, 2020 at 11:00 am Reason: multi-quote
May 6, 2020, 10:58 am
#55
Join Date: Jan 2009
Location: New York suburbs
Posts: 4,210
Each brand has a slightly different shape of barcode, different types of no smoking stickers, and different ways of mounting EZPass boxes. Several years ago, Enterprise/National/Alamo cars had front license plate pegs, and Avis/Budget cars had curly license plate frames.
Last edited by Auto Enthusiast; May 6, 2020 at 11:04 am
May 6, 2020, 12:14 pm
#56
Join Date: Jan 2012
Programs: Hilton Honors, Hertz Presidents Circle, National Executive Elite
Posts: 275
Some of them have hertz car sales license plate frame so they're definitely from their own used lot, and I've been told some are from their uber/lyft rental program. In the past 2 years hertz has been renting out their older fleet to rideshare drivers and now that they are recycling them back into the fleet again
May 6, 2020, 2:55 pm
#57
Join Date: Jun 2007
Location: SBA & LAX
Programs: AA Lifetime Gold, BA Lifetime Blue, Marriott Gold, and many others
Posts: 1,152
My recollection is that the miles did not go away in any of the airline reorganizations. I sure hope that turns out to be the case with Hertz. I've been looking forward to using up some of my points on a vacation.
May 6, 2020, 3:40 pm
#58
FlyerTalk Evangelist
Join Date: Nov 2001
Location: Wanting First. Buying First.
Programs: Lifetime Executive Diamond Platinum VIP with Braniff, Eastern, Midway, National & Pan Am
Posts: 17,492
Update on New Car Order Cancellations
I found this article on rental car order cancellations from the OEMs very interesting. It also validates anecdotal observations on how common Kias are even in Hertz PC aisles in Ultimate Choice.
https://finance.yahoo.com/news/hertz...162026663.html
Nearly 3% of Kia sales are to Avis and Hertz. The comparable figure for GM is just a shade above 2%.
https://finance.yahoo.com/news/hertz...162026663.html
Nearly 3% of Kia sales are to Avis and Hertz. The comparable figure for GM is just a shade above 2%.
May 6, 2020, 5:28 pm
#59
Join Date: Feb 2010
Location: London / Los Angeles
Programs: Hilton Diamond, IHG Diamond Ambassador, Marriott Platinum, Hyatt Globalist, BA Silver
Posts: 1,631
I think I am comfortable enough holding on to the points.