Shock for travelers. FTI’s insolvency not only hits package travelers hard, but also the rental car market.
Customers who booked through insolvent subsidiaries Drive FTI or Cars and Camper are now left in the lurch. He need to deepen your pockets and overwriting. Amounts already paid are part of the bankruptcy estate and are therefore generally forfeited. Especially bitter. Individual bookings are not insured by the German Travel Insurance Fund (DRSF).
That’s how severe the insolvency disaster is with Drive FTI
All individual services have been canceled for the period from 7 June to 5 July 2024 and the future is uncertain after that.
While FTI promises to get back to you soon, customers often have no choice but to dig deep into their pockets and rebook. Credit card payments can be recovered using the chargeback process, but this is anything but secure. There are specific deadlines that travelers must now adhere to.
FOCUS online advises. Obtain the appropriate chargeback form from your bank and state “goods or services not received” as the reason for the complaint and explain that the company is insolvent and the booking was not made. If you paid via PayPal, you must activate buyer protection.
According to company sources, customers of the popular portal “Billiger-Mietwagen.de” Drive-FTI are now without a car. Several tens of thousands of customers ordered a car with Drive FTI through a low-cost supplier and now have to worry. The insolvent company has been paying above-average commissions for months. Billiger-Mietwagen.de customer service said customers should be patient and submit their claims to the insolvency administrator.
This is all the more unfortunate because Drive FTI’s cars weren’t cheap. Since the company brokered car rentals primarily in North America, You have and in Majorca. On average, a week costs just under €1,000. Also on the back burner were the popular multi-way carefree packages, some of which even waived the deductible in case of damage and before further insurance.
What should customers do now?
First and foremost, it’s about damage control. That is why it is important to get back the deposits that have already been paid. Either through cashback or PayPal buyer protection. In the next step, victims cannot avoid making a new reservation. FOCUS online recommends: Contact the car rental company directly. In most cases there are goodwill rules for FTI vacationers. At Tui Cars, customers get a new car on the same terms as Drive FTI. This is to protect customers who have taken advantage of early bird discounts.
The official website talks about “price matching”. To receive the price, the vehicle category, pick-up and return location, date and insurance coverage must be identical. For this, Drive-FTI customers must present a booking confirmation or invoice.
Are rental car prices exploding right now?
For Europe This is unlikely as the market is well structured and Drive-FTI was only a minor player on the continent. Therefore, local competition continues to provide a fierce price war from which customers benefit. In countries such as North America, USA, Canada, South Africa and Asia, prices may increase as fewer providers are active due to the elimination of Drive-FTI.
The machines are taken over by competitors who can now determine the offer. The result? Fewer suppliers, higher prices.
FTI Touristik, Europe’s third largest tour operator, filed for bankruptcy a week ago. The supposed rescue of Munich’s ailing travel company has therefore failed. This has huge consequences for vacationers. Read on here What should victims do now?
