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Debt
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Debt Debt
The following is a summary of our debt and finance leases as of September 30, 2023 (in millions):
 Net Carrying ValueUnpaid
Principal
Balance		Unused
Committed
Amount (1)		Contractual
Interest Rates		Contractual
Maturity Date
 CurrentLong-Term
Recourse debt:   
2024 Notes$37 $— $37 $— 2.00 %May 2024
RCF Credit Agreement— — — 5,000 Not applicableJanuary 2028
Solar Bonds— 7 7 — 
4.70-5.75%
March 2025 - January 2031
Total recourse debt37 7 44 5,000 
Non-recourse debt:
Automotive Asset-backed Notes1,482 1,795 3,290 — 
0.36-6.57%
July 2024-August 2027
Solar Asset-backed Notes4 10 14 — 4.80 %December 2026
Cash Equity Debt29 340 378 — 
5.25-5.81%
July 2033-January 2035
Total non-recourse debt1,515 2,145 3,682 — 
Total debt1,552 2,152 $3,726 $5,000 
Finance leases415 274 
Total debt and finance leases$1,967 $2,426 
The following is a summary of our debt and finance leases as of December 31, 2022 (in millions):
Net Carrying ValueUnpaid
Principal
Balance		Unused
Committed
Amount (2)		Contractual
Interest Rates		Contractual
Maturity Date
CurrentLong-Term
Recourse debt:   
2024 Notes$— $37 $37 $— 2.00 %May 2024
Credit Agreement— — — 2,266 Not applicableJuly 2023
Solar Bonds— 7 7 — 
4.70-5.75%
March 2025 - January 2031
Total recourse debt— 44 44 2,266 
Non-recourse debt:
Automotive Asset-backed Notes984 613 1,603 — 
0.36-4.64%
December 2023-September 2025
Solar Asset-backed Notes4 13 17 — 4.80 %December 2026
Cash Equity Debt28 359 397 — 
5.25-5.81%
July 2033-January 2035
Automotive Lease-backed Credit Facilities— — — 151 Not applicableSeptember 2024
Total non-recourse debt1,016 985 2,017 151 
Total debt1,016 1,029 $2,061 $2,417 
Finance leases486 568 
Total debt and finance leases$1,502 $1,597 
(1)There are no restrictions on draw-down or use for general corporate purposes with respect to any available committed funds under our RCF Credit Agreement. Refer to the notes to the consolidated financial statements included in our reporting on Form 10-K for the year ended December 31, 2022 for the terms of the facility.
(2)There were no restrictions on draw-down or use for general corporate purposes with respect to any available committed funds under our credit facilities, except certain specified conditions prior to draw-down, including pledging to our lenders sufficient amounts of qualified receivables, inventories, leased vehicles and our interests in those leases or various other assets as described in the notes to the consolidated financial statements included in our report on Form 10-K for the year ended December 31, 2022.
Recourse debt refers to debt that is recourse to our general assets of the respective guarantors. Non-recourse debt refers to debt that is recourse to only assets of our subsidiaries. The differences between the unpaid principal balances and the net carrying values are due to debt discounts or deferred issuance costs. As of September 30, 2023, we were in material compliance with all financial debt covenants.
2024 Notes
During the first three quarters of 2023, the closing price of our common stock continued to exceed 130% of the applicable conversion price of our 2024 Notes on at least 20 of the last 30 consecutive trading days of the quarter, causing the 2024 Notes to be convertible by their holders during the second, third and fourth quarters of 2023. Should the closing price conditions continue to be met in a future quarter for the 2024 Notes, the 2024 Notes will be convertible at their holders’ option during the immediately following quarter.
Automotive Asset-backed Notes
In the third quarter of 2023, we transferred beneficial interests related to certain leased vehicles into special purpose entities and issued $2.53 billion in aggregate principal amount of Automotive Asset-backed Notes, with terms similar to our other previously issued Automotive Asset-backed Notes. The proceeds from the issuance, net of debt issuance costs, were $2.52 billion.
Automotive Lease-backed Credit Facilities
In the third quarter of 2023, we terminated our Automotive Lease-backed Credit Facilities and the previously committed funds are no longer available for future borrowings.