Debt and Borrowing Arrangements (Tables)

6 Months Ended

Jun. 30, 2013

	June 30, 2013			December 31, 2012
			Wt. Avg-			Wt. Avg-
			Interest			Interest
	Balance		Rate(1)	Balance		Rate(1)
	(In millions)
Term notes, in amortization	$	827	1.3%	$	424	2.2%
Term notes, in revolving period	1,650		0.9%	1,593		1.0%
Variable-funding notes	1,036		2.1%	1,415		1.6%
Other	22		5.0%	25		5.1%
Vehicle Management Asset-Backed Debt	3,535			3,457
Secured Canadian credit facility	—		—%	—		—%
Committed warehouse facilities	1,552		2.1%	1,875		2.0%
Uncommitted warehouse facilities	—		—%	—		—%
Servicing advance facility	65		2.7%	66		2.7%
Mortgage Asset-Backed Debt	1,617			1,941
Term notes	732		8.5%	732		8.5%
Convertible notes(2)	439		5.0%	424		5.0%
Unsecured credit facilities	—		—%	—		—%
Unsecured Debt	1,171			1,156
Total	$	6,323		$	6,554

(1) Represents the weighted-average stated interest rate of outstanding debt 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 and Convertible notes which are fixed-rate.

(2) Balance is net of unamortized discounts of $61 million and $76 million as of June 30, 2013 and December 31, 2012, respectively. The effective interest rate of the Convertible notes is 13%, which includes the accretion of the discount and issuance costs.

Schedule of assets held as collateral for asset-backed borrowing arrangements 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	$	294	$	9
Accounts receivable	64		81
Mortgage loans held for sale (unpaid principal balance)	—		1,630
Net investment in fleet leases	3,678		—
Total	$	4,036	$	1,720

Schedule of contractual debt maturities

	Vehicle		Mortgage
	Asset-Backed		Asset-Backed		Unsecured
	Debt(1)		Debt		Debt(2)		Total
	(In millions)
Within one year	$	936	$	1,617	$	—	$	2,553
Between one and two years	1,128		—		250		1,378
Between two and three years	822		—		450		1,272
Between three and four years	477		—		250		727
Between four and five years	160		—		8		168
Thereafter	12		—		275		287
	$	3,535	$	1,617	$	1,233	$	6,385

(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, and the principal portion of the notes and the conversion premium, if any, 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	$	1,650	$	1,650	$	—
Variable-funding notes	2,276		1,036		1,240
Secured Canadian credit facility	119		—		119
Mortgage Asset-Backed Debt:
Committed warehouse facilities	3,155		1,552		1,603
Servicing advance facility	120		65		55
Unsecured credit facilities(1)	305		—		305

(1) Capacity amount shown reflects the contractual maximum capacity of the facility. The available capacity of this facility is subject to the satisfaction of compliance with a borrowing base coverage ratio test.