Debt Under Vehicle Programs and Borrowing Arrangements (Tables)

3 Months Ended

Mar. 31, 2013

Debt under vehicle programs (including related party debt due to Avis Budget Rental Car Funding) consisted of:



	As of		As of
	March 31, 2013		December 31, 2012
Debt due to Avis Budget Rental Car Funding ^(a)	$	5,873	$	5,203
Budget Truck financing	236		253
Capital leases	298		315
European securitization	142		—
Other	913		1,035
	$	7,462	$	6,806

__________


^(a)	The increase principally reflects increased borrowing to fund an increase in the size of the Company’s U.S. car rental fleet.

Schedule Of Contractual Maturities

The following table provides the contractual maturities of the Company’s debt under vehicle programs (including related party debt due to Avis Budget Rental Car Funding) at March 31, 2013:



	Vehicle- Backed Debt
Within 1 year ^(a)	$	727
Between 1 and 2 years	2,425
Between 2 and 3 years	1,250
Between 3 and 4 years	1,294
Between 4 and 5 years	843
Thereafter	923
	$	7,462

__________


^(a)	Vehicle-backed debt maturing within one year includes term asset-backed securities of approximately $509 million and bank and bank-sponsored borrowings of $218 million.

Schedule Of Available Funding Under The Vehicle Programs

As of March 31, 2013, available funding under the Company’s vehicle programs (including related party debt due to Avis Budget Rental Car Funding) consisted of:



	Total Capacity ^(a)		Outstanding Borrowings		Available Capacity
Debt due to Avis Budget Rental Car Funding ^(b)	$	7,403	$	5,873	$	1,530
Budget Truck financing ^(c)	277		236		41
Capital leases	465		298		167
European securitization ^(d)	641		142		499
Other ^(e)	1,458		913		545
	$	10,244	$	7,462	$	2,782

__________


^(a)	Capacity is subject to maintaining sufficient assets to collateralize debt.


^(b)	The outstanding debt is collateralized by approximately $7.7 billion of underlying vehicles and related assets.


^(c)	The outstanding debt is collateralized by $375 million of underlying vehicles and related assets.


^(d)	The outstanding debt is collateralized by approximately $442 million of underlying vehicles and related assets.


^(e)	The outstanding debt is collateralized by approximately $1.3 billion of underlying vehicles and related assets.