Net Investment in Operating Leases

6 Months Ended

Jun. 30, 2015

Net investment in operating leases consist primarily of lease contracts for vehicles with retail customers, daily rental companies, government entities, and fleet customers with terms of 60 months or less.

Net investment in operating leases were as follows (in millions):



	June 30, 2015			December 31, 2014
Vehicles, at cost, including acquisition costs	$	27,326		$	24,952
Less: Accumulated depreciation	(3,898		)	(3,396		)
Net investment in operating leases before allowance for credit losses (a)	23,428			21,556
Less: Allowance for credit losses	(45		)	(38		)
Net investment in operating leases	$	23,383		$	21,518

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(a)

At June 30, 2015 and December 31, 2014, includes net investment in operating leases of $11.9 billion and $9.6 billion, respectively, that have been included in securitization transactions but continue to be reported in our consolidated financial statements. These net investment in operating leases are available only for payment of the debt issued by, and other obligations of, the securitization entities that are parties to those securitization transactions; they are not available to pay our other obligations or the claims of our other creditors. We hold the right to receive the excess cash flows not needed to pay the debt issued by, and other obligations of, the securitization entities that are parties to those securitization transactions. See Note 5 for additional information.