Debt and Borrowing Arrangements (Tables)

9 Months Ended

Sep. 30, 2011

Debt and Borrowing Arrangements

Summary of the components of debt

	September 30, 2011				December 31, 2010
			Wt. Avg-				Wt. Avg-
			Interest				Interest
	Balance		Rate(1)		Balance		Rate(1)
	(In millions)
Term notes, in amortization	$	1,363	2.1	%	$	1,167	2.2	%
Term notes, in revolving period	426		1.6	%	989		2.0	%
Variable-funding notes	1,111		1.4	%	871		1.9	%
Other	33		5.1	%	39		5.1	%
Vehicle Management Asset-Backed Debt	2,933				3,066
Committed warehouse facilities	2,078		1.9	%	2,419		2.1	%
Uncommitted warehouse facilities	135		1.2	%	1,290		1.2	%
Servicing advance facility	74		2.7	%	68		2.8	%
Mortgage Asset-Backed Debt	2,287				3,777
Term notes	781		8.1	%	782		8.1	%
Convertible notes	455		4.0	%	430		4.0	%
Credit facilities	80		3.8	%	—		—	%
Unsecured Debt	1,316				1,212
Mortgage Loan Securitization Debt Certificates, at fair value(2)	25		7.0	%	30		7.0	%
Total	$	6,561			$	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 Unsecured 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.

Schedule of assets held as collateral that are not available to pay the Company's general obligations

	Vehicle		Mortgage
	Asset-Backed		Asset-Backed
	Debt		Debt
	(In millions)
Restricted cash and cash equivalents	$	258	$	6
Accounts receivable	64		87
Mortgage loans held for sale	—		2,264
Net investment in fleet leases	3,211		—
Total	$	3,533	$	2,357

Schedule of contractual debt maturities

							Mortgage Loan
	Vehicle		Mortgage				Securitization
	Asset-Backed		Asset-Backed		Unsecured		Debt
	Debt(1)		Debt		Debt		Certificates		Total
	(In millions)
Within one year	$	947	$	2,287	$	330	$	8	$	3,572
Between one and two years	779		—		421		6		1,206
Between two and three years	747		—		250		5		1,002
Between three and four years	395		—		—		4		399
Between four and five years	69		—		350		3		422
Thereafter	—		—		8		—		8
	$	2,937	$	2,287	$	1,359	$	26	$	6,609

(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.

Schedule of available capacity under committed asset-backed debt arrangements and unsecured credit facilities

			Utilized		Available
	Capacity		Capacity		Capacity
	(In millions)
Vehicle Management Asset-Backed Debt:
Term notes, in revolving period	$	426	$	426	$	—
Variable-funding notes	1,543		1,111		432
Mortgage Asset-Backed Debt:
Committed warehouse facilities	2,985		2,078		907
Servicing advance facility	120		74		46
Unsecured Committed Credit Facilities(1)	530		96		434

(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.