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Debt Under Vehicle Programs and Borrowing Arrangements
 6 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
Debt Under Vehicle Programs and Borrowing Arrangements Debt Under Vehicle Programs and Borrowing Arrangements
Debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding (AESOP) LLC (“Avis Budget Rental Car Funding”), consisted of:
As ofAs of
June 30,December 31,
20222021
Americas - Debt due to Avis Budget Rental Car Funding$11,377 $8,889 
Americas - Debt borrowings 588 612 
International - Debt borrowings 1,947 1,757 
International - Finance leases 170 177 
Other68 3 
Deferred financing fees (a)
(52)(48)
Total$14,098 $11,390 
__________
(a)Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of June 30, 2022 and December 31, 2021 were $46 million and $41 million, respectively.

In April 2022, our Avis Budget Rental Car Funding (AESOP) LLC subsidiary issued $660 million of asset-backed notes to investors with an expected final payment date of August 2027, with a weighted average interest rate of 3.96%.

In May 2022, our Avis Budget Rental Car Funding (AESOP) LLC subsidiary issued $87 million, $68 million and $55 million of asset-backed notes with expected final payment dates of March 2025, March 2023 and September 2023, respectively, with a weighted average interest rate of 5.10%.

In June 2022, our Avis Budget Rental Car Funding (AESOP) LLC subsidiary entered into $800 million of variable funding asset-backed notes with an expected final payment date of September 2022. As of June 30, 2022, no funds were drawn on these notes.

Debt Maturities

The following table provides the contractual maturities of our debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding, at June 30, 2022:
 
Debt under Vehicle Programs (a)
Within 1 year (b)
$2,287 
Between 1 and 2 years (c)
5,480 
Between 2 and 3 years (d)
3,185 
Between 3 and 4 years1,578 
Between 4 and 5 years1,459 
Thereafter161 
Total$14,150 
__________
(a)    Vehicle-backed debt primarily represents asset-backed securities.
(b)    Includes $0.9 billion of bank and bank-sponsored facilities.
(c)    Includes $4.0 billion of bank and bank-sponsored facilities.
(d)    Includes $1.4 billion of bank and bank-sponsored facilities.
Committed Credit Facilities and Available Funding Arrangements

As of June 30, 2022, available funding under our vehicle programs, including related party debt due to Avis Budget Rental Car Funding, consisted of:
Total
Capacity (a)
Outstanding
Borrowings (b)
Available
Capacity
Americas - Debt due to Avis Budget Rental Car Funding$12,301 $11,377 $924 
Americas - Debt borrowings888 588 300 
International - Debt borrowings2,598 1,947 651 
International - Finance leases201 170 31 
Other68 68 — 
Total$16,056 $14,150 $1,906 
__________
(a)    Capacity is subject to maintaining sufficient assets to collateralize debt. The total capacity for Americas - Debt due to Avis Budget Rental Car Funding includes increases from an amendment and renewal of our variable funding asset-backed notes during April 2022.
(b)    The outstanding debt is collateralized by vehicles and related assets of $13.4 billion for Americas - Debt due to Avis Budget Rental Car Funding; $0.9 billion for Americas - Debt borrowings; $2.5 billion for International - Debt borrowings; and $0.2 billion for International - Finance leases.

Debt Covenants

The agreements under our vehicle-backed funding programs contain restrictive covenants, including restrictions on dividends paid to us by certain of our subsidiaries and restrictions on indebtedness, mergers, liens, liquidations, and sale and leaseback transactions and in some cases also require compliance with certain financial requirements. As of June 30, 2022, we are not aware of any instances of non-compliance with any of the financial covenants contained in the debt agreements under our vehicle-backed funding programs.