Debt and Borrowing Arrangements (Tables)

6 Months Ended

Jun. 30, 2011

The following table summarizes the components of Debt:


	June 30, 2011			December 31, 2010
			Wt. Avg-			Wt. Avg-
			Interest			Interest
	Balance		Rate⁽¹⁾	Balance		Rate⁽¹⁾
	(In millions)
Term notes, in amortization	$	1,627	2.0%	$	1,167	2.2%
Term notes, in revolving period		92	2.1%		989	2.0%
Variable-funding notes		1,260	1.6%		871	1.9%
Other		36	5.1%		39	5.1%

Total Vehicle Management Asset-Backed Debt		3,015			3,066


Committed warehouse facilities		1,352	2.0%		2,419	2.1%
Uncommitted warehouse facilities		—	—		1,290	1.2%
Servicing advance facility		76	2.7%		68	2.8%

Total Mortgage Asset-Backed Debt		1,428			3,777


Term notes		781	8.1%		782	8.1%
Convertible notes		447	4.0%		430	4.0%
Credit facilities		—	—		—	—

Total Unsecured Debt		1,228			1,212


Mortgage Loan Securitization Debt Certificates, at Fair Value ⁽²⁾		26	7.0%		30	7.0%


Total	$	5,697		$	8,085


⁽¹⁾		Represents the weighted-average stated interest rate of the facilities as of the respective date, which may be different from the effective rate due to the amortization of premiums, discounts, and issuance costs. Facilities are variable-rate, except for the Term notes, Convertible notes, and Mortgage Loan Securitization Debt Certificates which are fixed-rate.

⁽²⁾		Cash flows of securitized mortgage loans support payment of the debt certificates and creditors of the securitization trust do not have recourse to the Company.

Assets held as collateral that are not available to pay the Company's general obligations

Assets held as collateral that are not available to pay the Company’s general obligations as of June 30, 2011 consisted of:


	Vehicle		Mortgage
	Asset-Backed		Asset-Backed
	Debt		Debt
	(In millions)
Restricted cash and cash equivalents	$	262	$	9
Accounts receivable		74		90
Mortgage loans held for sale		—		1,390
Net investment in fleet leases		3,264		—


Total	$	3,600	$	1,489

Contractual debt maturities

The following table provides the contractual debt maturities as of June 30, 2011:


	Vehicle		Mortgage				Mortgage Loan
	Asset-		Asset-				Securitization
	Backed		Backed		Unsecured		Debt
	Debt⁽¹⁾		Debt		Debt		Certificates		Total
	(In millions)
Within one year	$	939	$	1,428	$	250	$	8	$	2,625
Between one and two years		862		—		420		7		1,289
Between two and three years		712		—		—		5		717
Between three and four years		426		—		250		5		681
Between four and five years		81		—		350		3		434
Thereafter		—		—		8		—		8

	$	3,020	$	1,428	$	1,278	$	28	$	5,754


⁽¹⁾		Maturities of vehicle management asset-backed notes, a portion of which are amortizing in accordance with their terms, represent estimated payments based on the expected cash inflows related to the securitized vehicle leases and related assets.

Available capacity under committed asset-backed debt arrangements and unsecured credit facilities

Capacity under all borrowing agreements is dependent upon maintaining compliance with, or obtaining waivers of, the terms, conditions and covenants of the respective agreements. Available capacity under asset-backed funding arrangements may be further limited by asset eligibility requirements. Available capacity under committed asset-backed debt arrangements and unsecured credit facilities as of June 30, 2011 consisted of:


			Utilized		Available
	Capacity		Capacity		Capacity
	(In millions)
Vehicle Management Asset-Backed Debt:
Term notes, in revolving period	$	92	$	92	$	—
Variable-funding notes		1,511		1,260		251
Mortgage Asset-Backed Debt:
Committed warehouse facilities		2,535		1,352		1,183
Servicing advance facility		120		76		44

Unsecured Committed Credit Facilities⁽¹⁾		530		16		514


⁽¹⁾		Utilized capacity reflects $16 million of letters of credit issued under the Amended Credit Facility, which are not included in Debt in the Condensed Consolidated Balance Sheet.