Vehicle Leasing Activities

6 Months Ended

Jun. 30, 2013

Vehicle Leasing Activities

Vehicle Leasing Activities

6.  Vehicle Leasing Activities

The following table summarizes the components of Net investment in fleet leases:

	June 30,		December 31,
	2013		2012
	(In millions)
Operating Leases:
Vehicles under open-end operating leases	$	8,176	$	8,174
Vehicles under closed-end operating leases	139		154
Vehicles under operating leases	8,315		8,328
Less: Accumulated depreciation	(4,931)		(4,959)
Net investment in operating leases	3,384		3,369
Direct Financing Leases:
Lease payments receivable	96		91
Less: Unearned income	(2)		—
Net investment in direct financing leases	94		91
Off-Lease Vehicles:
Vehicles not yet subject to a lease	253		169
Vehicles held for sale	12		15
Less: Accumulated depreciation	(7)		(8)
Net investment in off-lease vehicles	258		176
Total	$	3,736	$	3,636