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Teriyaki Hairpiece
Dec 29, 2006

Ask me about my dream Frasier episode where Frasier and Bulldog oil their heads and then rub them together. It's definitely not a fetish of mine, I swear!

Rick posted:

Hertz was a much better rental experience for me than Enterprise but because of the price difference, I only went to Hertz if I had a company discount.

Well I had a really bad experience with Hertz last November so there.

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Burt Sexual
Jan 26, 2006

I'm the SIX to your NEIN


Switchblade Switcharoo

Lambert posted:

Good companies go bankrupt all the time. I don't think there's much need to mourn an international car rental service megacorp.

Who is mourning itt? Wtf it sucks to get fired

Ghost Leviathan
Mar 2, 2017
how about we just not have the toilet cthulhu

Teriyaki Hairpiece posted:

Well I had a really bad experience with Hertz last November so there.

Could you say it still Hertz?

Rick
Feb 23, 2004
And now the whole nation - pulpit and all - will take up the war-cry, and shout itself hoarse, and mob any honest man who ventures to open his mouth; and presently such mouths will cease to open.

Burt Sexual posted:

I use National probably 10 times a year, never a problem. Good rates. It’s weird to see good companies go down at no fault of their own imo.

National is only in airports here. Enterprise has an out of airport monopoly now unless Hertz comes out of this.

Ugly In The Morning
Jul 1, 2010

Don't look at me-
I'm ugly in the morning
When the headaches gone
The sun is not.
Forgot to turn the alarm
On - on


Pillbug

Rick posted:

National is only in airports here. Enterprise has an out of airport monopoly now unless Hertz comes out of this.

There’s still Avis/Budget, isn’t there?

MarcusSA
Sep 23, 2007



Grimey Drawer

Ugly In The Morning posted:

There’s still Avis/Budget, isn’t there?

Yes and like 15 other car rental companies at least here at LAX.

Volmarias
Dec 31, 2002


Duckman2008 posted:

Agreed on the company part, still a bummer for whomever worked there and is losing their job.

In normal times you can do the yeah, they could have looked ahead and gotten out (not saying you are implying this btw). def no way to anticipate Covid coming in and crushing companies like this.

So really, all in getting at is that yeah, we expected companies like JC Penny to go bankrupt. But to see it hit companies that I assume were decently run, and have employees get hacked as a result, it just loving sucks.

Should have gotten fewer lattes and avocado toast though.

Pyroclastic
Jan 4, 2010

It's not science if someone doesn't get hurt.

Volmarias posted:

Should have gotten fewer lattes and avocado toast though.

But that'll put all the coffee shops and artisanal toast cafes out of business.

Fanged Lawn Wormy
Jan 4, 2008

SQUEAK! SQUEAK! SQUEAK!


Gotta remember tho a lotta those rental companies live unde one umbrella. Like I know national/Alamo are one because they sometimes share employees at smaller airports.

Piss Meridian
Mar 25, 2020


Fanged Lawn Wormy posted:

Gotta remember tho a lotta those rental companies live unde one umbrella. Like I know national/Alamo are one because they sometimes share employees at smaller airports.

Car companies are eusocial?

brugroffil
Nov 30, 2015

Abraxas is a-back-sus and he's here to kick ass



It's restructuring bankrupt not bankrupt

Rick
Feb 23, 2004
And now the whole nation - pulpit and all - will take up the war-cry, and shout itself hoarse, and mob any honest man who ventures to open his mouth; and presently such mouths will cease to open.

Ugly In The Morning posted:

There’s still Avis/Budget, isn’t there?

I didn't remember them, although, looking them up they're so far away (on opposite edges of the city) that they might as well not be there. So yeah I hope Hertz comes out of this because Enterprise sucks.

George H.W. Cunt
Oct 6, 2010



Using sixt in Europe was great. They have a minor presence here in the US with a slow expansion going on. Best rental company I’ve used with great rates. If you live in an area they’re located in give them a shot.

FlamingLiberal
Jan 18, 2009

Would you like to play a game?



George H.W. stinkyhole posted:

Using sixt in Europe was great. They have a minor presence here in the US with a slow expansion going on. Best rental company I’ve used with great rates. If you live in an area they’re located in give them a shot.
I used it in SF last year and it was light-years better than the other big companies

lavaca
Jun 11, 2010


It is with good reason that Hertz went bankrupt while the other car rental companies are still solvent. They were owned by private equity for a while, but you can't even blame that because everything they've done since then has been pretty boneheaded. They had a bad CEO, they alienated a bunch of employees by relocating the corporate office, they completely bungled the acquisition of Dollar Thrifty, they had a big accounting scandal that led to executives being sued, Carl Icahn got involved and all along the whole operation rested on a lot of financial chicanery.

Matt Levine posted:

Why did car-rental company Hertz Global Holdings Inc. file for bankruptcy on Friday? Bloomberg and the Wall Street Journal both have good narrative accounts of the business missteps that Hertz made that put it in this position, but the simple immediate answer is that Hertz had basically taken out a margin loan against its cars, the coronavirus crushed the value of those cars, its lenders issued a margin call, and Hertz didn’t have enough money to meet it. So the lenders can seize the cars to sell them off, and Hertz filed for bankruptcy to delay that.

I mean Hertz doesn’t put it that way. Technically the story is that Hertz finances its cars using asset-backed securities: An entity called Hertz Vehicle Financing LLC buys the cars and leases them to Hertz, and HVF gets the money to buy the cars from an entity called Hertz Vehicle Financing II LP, and HVF II gets the money by selling securities (backed by the cars and the lease payments) to investors. But the lease payment—that Hertz makes to HVF, which passes it to HVF II, which passes it to the ABS investors—is variable, and it goes up when the value of the used cars in Hertz’s fleet goes down.

The cars in Hertz’s fleet are the ABS investors’ collateral; Hertz can keep their money because the value of the cars should be enough to cover their debt. Or that is the usual idea. During the pandemic, the value of used rental cars has plummeted: No one is buying used cars, so demand is down, and no one is renting cars, so supply is way up. The ABS investors are undercollateralized—their cars are worth less than they’re supposed to be, putting the debt at risk—so they effectively issued a margin call: Hertz has to pay more in operating lease payments to protect the ABS investors from the declining collateral value. Hertz declined to do that, so the ABS investors get to seize the cars.

They'll probably be fine in the end, if for no other reason than that their creditors really have no interest in actually taking ownership of Hertz's cars. "Own a bunch of assets that nobody else wants" can be a pretty effective financial strategy sometimes.

90s Solo Cup
Feb 22, 2011

To understand the cup
He must become the cup





Ugly In The Morning posted:

There’s still Avis/Budget, isn’t there?

Budget used to be my go-to for rentals, but the local franchisee has short hours and lovely selections. Kinda sad considering I had the best experiences with their ATL-area locations.

Rick posted:

I didn't remember them, although, looking them up they're so far away (on opposite edges of the city) that they might as well not be there. So yeah I hope Hertz comes out of this because Enterprise sucks.

Around here, Enterprise has the bigger selection and the cheapest rates. But their CC holds are annoying as hell to deal with. Instead of simply holding the deposit itself and deducting the cost of the rental from the deposit, Enterprise holds the deposit and the cost of the rental, only letting go of the deposit days after return. You wind up with an extra $100+ hold you could be doing something else with.

Rhandhali
Sep 7, 2003

This is Free Trader Beowulf, calling anyone...

Grimey Drawer


I did 6 weeks straight of COVID ICU until I got infected myself. Funko and their lovely dead eyed plastic can rot in hell.

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FlamingLiberal
Jan 18, 2009

Would you like to play a game?



https://twitter.com/danpriceseattle...2467979265?s=21

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