Debt and Borrowing Arrangements (Tables)

3 Months Ended

Mar. 31, 2012

Debt and Borrowing Arrangements

Summary of the components of Debt

	March 31, 2012				December 31, 2011
			Wt. Avg-				Wt. Avg-
			Interest				Interest
	Balance		Rate(1)		Balance		Rate(1)
	(In millions)
Term notes, in amortization	$	969	2.1	%	$	1,196	2.1	%
Term notes, in revolving period	389		1.6	%	374		1.6	%
Variable-funding notes	1,862		1.4	%	1,516		1.4	%
Other	31		5.1	%	32		5.1	%
Vehicle Management Asset-Backed Debt	3,251				3,118
Committed warehouse facilities	1,405		2.1	%	2,313		2.0	%
Uncommitted warehouse facilities	—		—	%	44		1.2	%
Servicing advance facility	79		2.7	%	79		2.8	%
Mortgage Asset-Backed Debt	1,484				2,436
Term notes	879		8.2	%	879		8.2	%
Convertible notes	602		4.6	%	460		4.0	%
Credit facilities	—		—	%	—		—	%
Unsecured Debt	1,481				1,339
Mortgage loan securitization debt certificates, at fair value	—		—	%	21		7.0	%
Total	$	6,216			$	6,914

(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.

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	$	272	$	5
Accounts receivable	44		92
Mortgage loans held for sale (unpaid principal balance)	—		1,452
Net investment in fleet leases	3,495		—
Total	$	3,811	$	1,549

Schedule of contractual debt maturities

	Vehicle		Mortgage
	Asset-Backed		Asset-Backed		Unsecured
	Debt(1)		Debt		Debt(2)		Total
	(In millions)
Within one year	$	952	$	1,484	$	619	$	3,055
Between one and two years	917		—		—		917
Between two and three years	744		—		250		994
Between three and four years	443		—		450		893
Between four and five years	99		—		—		99
Thereafter	99		—		258		357
	$	3,254	$	1,484	$	1,577	$	6,315

(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.

(2)Maturities of convertible notes have been reflected based on the contractual maturity date.  Under certain circumstances, the convertible notes may be converted prior to the earliest conversion date and the principal portion of the notes would be due in cash prior to the contractual maturity date.

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	$	389	$	389	$	—
Variable-funding notes	2,097		1,862		235
Mortgage Asset-Backed Debt:
Committed warehouse facilities	3,540		1,405		2,135
Servicing advance facility	120		79		41
Unsecured 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.