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Debt Under Vehicle Programs and Borrowing Arrangements
 3 Months Ended
Mar. 31, 2025
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
March 31,December 31,
20252024
Americas - Debt due to Avis Budget Rental Car Funding (a)
$13,851 $14,143 
Americas - Debt borrowings (b)
1,127 1,160 
International - Debt borrowings2,203 2,159 
International - Finance leases 130 143 
Other— 8 
Deferred financing fees (c)
(72)(77)
Total$17,239 $17,536 
__________
(a)Includes approximately $738 million and $751 million of Class R notes as of March 31, 2025 and December 31, 2024, respectively, which are held by us.
(b)Includes our Repurchase Facility.
(c)Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of March 31, 2025 and December 31, 2024 were $57 million and $60 million, respectively.

The following table provides a summary of debt issued by Avis Budget Rental Car Funding during the three months ended March 31, 2025:
Issuance DateMaturity DateWeighted Average
Interest Rate		Amount
Issued
January 2025August 20277.98 %$41 
January 2025April 20288.00 %75 
January 2025June 20288.01 %75 
January 2025December 20288.03 %72 
January 2025February 20298.03 %95 
8.01 %$358 

We have a repurchase agreement (the “Repurchase Facility”), whereby we may sell our Class D notes issued by Avis Budget Rental Car Funding to the Repurchase Facility counterparty and repurchase such notes. Transactions under the Repurchase Facility have a 180-day tenor and may be extended thereafter at our discretion. In March 2025, we extended the maturity of certain transactions under the Repurchase Facility from March 2025 to June 2025, and we simultaneously amended the interest rate on these transactions. As of March 31, 2025, $116 million was outstanding under the Repurchase Facility, which bears interest at a rate of 6.30%. As of March 31, 2025, we had $195 million of securities pledged as collateral for the Repurchase Facility, included within investment in Avis Budget Rental Car Funding (AESOP) LLC—related party on our Condensed Consolidated Balance Sheets.
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 March 31, 2025:
 
Debt under Vehicle Programs (a)
Within 1 year (b)
$3,394 
Between 1 and 2 years (c)
6,495 
Between 2 and 3 years (d)
3,175 
Between 3 and 4 years (e)
2,655 
Between 4 and 5 years
1,427 
Thereafter165 
Total$17,311 
__________
(a)    Vehicle-backed debt primarily represents asset-backed securities.
(b)    Includes $0.6 billion of bank and bank-sponsored facilities. These short-term borrowings have a weighted average interest rate of 4.49% as of March 31, 2025.
(c)    Includes $3.0 billion of bank and bank-sponsored facilities.
(d)    Includes $0.1 billion of bank and bank-sponsored facilities.
(e)    Includes $0.1 billion of bank and bank-sponsored facilities.

Committed Credit Facilities and Available Funding Arrangements

The following table presents available funding under our debt arrangements related to our vehicle programs, including related party debt due to Avis Budget Rental Car Funding, at March 31, 2025:

Total
Capacity (a)
Outstanding
Borrowings (b)
Available
Capacity
Americas - Debt due to Avis Budget Rental Car Funding$15,576 $13,851 $1,725 
Americas - Debt borrowings1,412 1,127 285 
International - Debt borrowings3,166 2,203 963 
International - Finance leases155 130 25 
Total$20,309 $17,311 $2,998 
__________
(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 our asset-backed variable-funding financing facilities. These facilities were most recently amended and restated in April 2025. See Note 18 – Subsequent Event.
(b)The outstanding debt is collateralized by vehicles and related assets of $14.3 billion for Americas - Debt due to Avis Budget Rental Car Funding; $1.4 billion for Americas - Debt borrowings; $2.8 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 March 31, 2025, we are not aware of any instances of non-compliance with any of the financial or restrictive covenants contained in the debt agreements under our vehicle-backed funding programs.