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Net Investments in Operating Leases

3 Months Ended

Mar. 31, 2025

Net investment in operating leases consists primarily of lease contracts for vehicles with individuals, daily rental companies, and fleet customers with terms of 60 months or less. Included in Net investment in operating leases are net investment in operating leases that have been sold for legal purposes in securitization transactions but continue to be reported in our consolidated financial statements. See Note 6 for additional information.

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


	December 31, 2024		March 31, 2025
Vehicles, at cost (a)	$	25,424	$	26,234
Accumulated depreciation	(3,735)		(3,850)
Net investment in operating leases	$	21,689	$	22,384

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(a)Includes vehicle acquisition costs less interest supplements and residual support payments we receive on certain leasing transactions under agreements with Ford and affiliated companies, and deferral method investment tax credits.