SOURCE: The Hertz Corporation

The Hertz Corporation

November 17, 2010 10:37 ET

Hertz Rent2Buy Used Cars for Sale Teams With Bank of America to Offer Customers an Additional Financing Option

PARK RIDGE, NJ--(Marketwire - November 17, 2010) -  Hertz Rent2Buy, The Hertz Corporation's (NYSE: HTZ) online car sales program has partnered with Bank of America to provide Hertz Rent2Buy customers the option of financing vehicle purchases.

"We are pleased to include Bank of America as one of our select lenders in the Rent2Buy program," said Mark P. Frissora, Hertz Chairman and CEO. "Giving customers the ability to have flexibility in financing their vehicle purchase through Rent2Buy used cars for sale is an additional benefit. Not only do customers have the selection of a well-maintained fleet of vehicles being sold at a low price, they also have a variety of financing options, including Bank of America, that makes the car-buying process simple."

Hertz Rent2Buy is an online car sales program that allows customers to reserve a rental car they might want to buy for a three-day test drive. Used car shoppers visit www.hertzrent2buy.com and select the car of their choice at the nearest Hertz location. Customers have full use of the vehicle for up to three days. A customer who chooses to purchase the vehicle simply keeps the car and pays the listed price without any haggling and the rental fee is waived. For customers who choose to purchase the car, competitive finance options are available to simplify the payment process.

If the customer decides not to purchase the car, the vehicle is returned to the rental location and the transaction is treated as a standard rental.

Bank of America offers Hertz another financing option to meet the various needs of Rent2Buy customers who wish to purchase a vehicle. Bank of America provides retail loan financing and the full range of commercial banking services to dealers in the automobile, marine and recreational vehicle industries across the United States.

These services include comprehensive inventory financing, commercial loans, depository services, and merchant and treasury management services. Bank of America has relationships with more than 10,000 dealer clients and manages nearly $50 billion in consumer and commercial loans.

 "Bank of America is committed to offering innovative products and services that meet the needs of consumers," said Ellie Clarke, President, Bank of America Dealer Financial Services. "We are pleased to partner with Hertz Rent2Buy, a unique program that makes shopping for a used car simple and convenient for consumers." 

About Bank of America

Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 57 million consumer and small business relationships with 5,900 retail banking offices, more than 18,000 ATMs and award-winning online banking with 29 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to more than 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.

About The Hertz Corporation

The Hertz Corporation, a subsidiary of Hertz Global Holdings, Inc., is the world's largest general use car rental brand operating from approximately 8,300 locations in 146 countries worldwide. Hertz is the number one airport car rental brand in the U.S. and at 81 major airports in Europe, operating both corporate and licensee locations in cities and airports in North America, Europe, Latin America, Asia, Australia and New Zealand. In addition, the Company has licensee locations in cities and airports in Africa and the Middle East. Product and service initiatives such as Hertz #1 Club Gold®, NeverLost® customized, onboard navigation systems, SIRIUS XM Satellite Radio, and unique cars and SUVs offered through the Company's Prestige, Fun and Green Collections, set Hertz apart from the competition. The Company also operates the global car sharing club, Connect by Hertz, in New York City, Berlin, London, Madrid and Paris. And, the Company sells used, quality cars directly to consumers through www.hertzrent2buy.com. Additionally, Hertz operates one of the world's largest equipment rental businesses, Hertz Equipment Rental Corporation, offering a diverse line of equipment, including tools and supplies, as well as new and used equipment for sale, to customers ranging from major industrial companies to local contractors and consumers from approximately 325 branches in the United States, Canada, China, France and Spain.

To make car rental reservations or for more information, customers can call their travel agent, or call Hertz toll-free at 1-800-654-3131. Information and reservations are also available on the web at www.hertz.com. For information on Hertz Equipment Rental, visit the company on the web at www.hertzequip.com.