Debt and Borrowing Arrangements (Tables)

9 Months Ended

Sep. 30, 2013

Debt and Borrowing Arrangements

Summary of the components of Debt

	September 30, 2013			December 31, 2012
			Wt. Avg-			Wt. Avg-
			Interest			Interest
	Balance		Rate(1)	Balance		Rate(1)
	(In millions)
Term notes, in amortization	$	930	1.2 %	$	424	2.2 %
Term notes, in revolving period	1,300		0.7 %	1,593		1.0 %
Variable-funding notes	1,259		1.7 %	1,415		1.6 %
Other	18		5.0 %	25		5.1 %
Vehicle Management Asset-Backed Debt	3,507			3,457
Secured Canadian credit facility	—		—%	—		—%
Committed warehouse facilities	988		1.9 %	1,875		2.0 %
Uncommitted warehouse facilities	—		—%	—		—%
Servicing advance facility	64		2.7 %	66		2.7 %
Mortgage Asset-Backed Debt	1,052			1,941
Term notes	803		7.3 %	732		8.5 %
Convertible notes(2)	446		5.0 %	424		5.0 %
Unsecured credit facilities	—		—%	—		—%
Unsecured Debt	1,249			1,156
Total	$	5,808		$	6,554

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(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 $54 million and $76 million as of September 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	$	212	$	7
Accounts receivable	43		80
Mortgage loans held for sale (unpaid principal balance)	—		1,023
Net investment in fleet leases	3,653		—
Total	$	3,908	$	1,110

Schedule of contractual debt maturities

	Vehicle		Mortgage
	Asset-Backed		Asset-Backed		Unsecured
	Debt(1)		Debt		Debt(2)		Total
	(In millions)
Within one year	$	887	$	1,052	$	250	$	2,189
Between one and two years	1,074		—		—		1,074
Between two and three years	860		—		170		1,030
Between three and four years	497		—		250		747
Between four and five years	177		—		8		185
Thereafter	12		—		625		637
	$	3,507	$	1,052	$	1,303	$	5,862

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(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 prior to the contractual maturity date, the convertible notes may be converted. If this happens, the principal portion of the notes would be due in cash and the conversion premium, if any, may be settled in cash.

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	$	1,300	$	1,300	$	—
Variable-funding notes	2,092		1,259		833
Secured Canadian credit facility	121		—		121
Mortgage Asset-Backed Debt:
Committed warehouse facilities	3,143		988		2,155
Servicing advance facility	120		64		56
Unsecured credit facilities(1)	305		—		305

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(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.