Debt (Tables)

9 Months Ended

Sep. 30, 2023

The following is a summary of our debt and finance leases as of September 30, 2023 (in millions):


	Net Carrying Value				Unpaid Principal Balance		Unused Committed Amount (1)		Contractual Interest Rates		Contractual Maturity Date
	Current		Long-Term
Recourse debt:
2024 Notes	$	37	$	—	$	37	$	—	2.00	%	May 2024
RCF Credit Agreement	—		—		—		5,000		Not applicable		January 2028
Solar Bonds	—		7		7		—		4.70-5.75%		March 2025 - January 2031
Total recourse debt	37		7		44		5,000
Non-recourse debt:
Automotive Asset-backed Notes	1,482		1,795		3,290		—		0.36-6.57%		July 2024-August 2027
Solar Asset-backed Notes	4		10		14		—		4.80	%	December 2026
Cash Equity Debt	29		340		378		—		5.25-5.81%		July 2033-January 2035
Total non-recourse debt	1,515		2,145		3,682		—
Total debt	1,552		2,152		$	3,726	$	5,000
Finance leases	415		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 Value				Unpaid Principal Balance		Unused Committed Amount (2)		Contractual Interest Rates		Contractual Maturity Date
	Current		Long-Term
Recourse debt:
2024 Notes	$	—	$	37	$	37	$	—	2.00	%	May 2024
Credit Agreement	—		—		—		2,266		Not applicable		July 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 Notes	984		613		1,603		—		0.36-4.64%		December 2023-September 2025
Solar Asset-backed Notes	4		13		17		—		4.80	%	December 2026
Cash Equity Debt	28		359		397		—		5.25-5.81%		July 2033-January 2035
Automotive Lease-backed Credit Facilities	—		—		—		151		Not applicable		September 2024
Total non-recourse debt	1,016		985		2,017		151
Total debt	1,016		1,029		$	2,061	$	2,417
Finance leases	486		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.