buying Hertz will pay lenders $650 million to resolve dispute over fleet reduction
Hertz may be gone for good, but it leaves a proud legacy in the 1966 GT350H
Photo by Darin Schnabel ©2019 Courtesy of RM Sotheby'sAfter trying to sell off some of its more valuable cars to pay off debt, troubled rental car company Hertz has filed for bankruptcy. The company leaves behind a long history of giving enthusiasts a chance to drive some of the hottest performance cars available. Now is the perfect time to look back at Hertz’s […] The post Hertz may be gone for good, but it leaves a proud legacy in the 1966 GT350H appeared first on Hagerty Media.
Hertz Global Holdings, which in addition to its own rental car brand includes the Dollar and Thrifty brands, said on Friday it has reached an interim $650-million deal with its lenders to resolve a bankruptcy court fight over the company’s plan to reduce itsfleet of rental cars. According to reports, the deal will cut the debt Hertz owes lenders who financed its rental car fleet by $6 billion by Dec. 31, falling to less than $5 billion from $11 billion.
How to buy a used rental car and potentially save thousands as companies like Hertz go bankrupt
A used rental car can be a much cheaper option than other comparable cars. Here's nine steps to make sure you buy a used rental car.But you're also aware that this might be the time to potentially snap up a used rental car, especially if you're fortunate and have some money to spend. Industry experts, according to CNN Business, estimate rental companies to offload 1.5 million cars in their US fleets over the course of the coming weeks and months, thus inflating the already bloated supply to potentially overwhelm the currently weak demand. Translation: You as the consumer might be about to receive even more buying options.
Under the agreement, Hertz will pay $650 million in cash in equal monthly installments from July to December. The car rental company will also dispose of at least 182,521 leased vehicles between June and December. Hertz has, many at very attractive prices in an effort to greatly reduce inventory.
Hertz had filed for bankruptcy in May after its business was decimated by the coronavirus outbreak and talks with its lenders failed to result in much-needed relief.
This report includes material from Reuters.
originally appeared on on Sun, 26 Jul 2020 11:00:00 EDT. Please see our terms for use of feeds.
2020 Suzuki V-Strom 650 Review—An Exercise In Adventure Purity .
Can the entry-level Suzuki Wee-Strom satisfy an XL-sized ADV itch?And then there’s the V-Strom—and more topically the so-called Wee-Strom, Suzuki’s entry-level adventure bike. First introduced in 2004, the small-displacement motorcycle has been a stalwart in the face of an ever-shifting landscape, a sort of perennial Ford Model T while others have evolved into big, bulky SUVs. Powered by a 645cc V-twin, the smallest 'Strom is an exercise in keeping it simple, stupid. Although it has assumed modernities like fuel injection, traction control, and antilock brakes, the underpinnings stay true to the original no-frills formula.