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Vehicle Leasing Activities (Tables)
3 Months Ended
Mar. 31, 2014
Vehicle Leasing Activities  
Schedule of components of Net investment in fleet leases

 

 

 

 

March 31,

 

December 31,

 

 

 

2014

 

2013

 

 

 

(In millions)

 

Operating Leases:

 

 

 

 

 

Vehicles under open-end operating leases

 

$

7,948 

 

$

7,974 

 

Vehicles under closed-end operating leases

 

128 

 

137 

 

Vehicles under operating leases

 

8,076 

 

8,111 

 

Less: Accumulated depreciation

 

(4,790)

 

(4,777)

 

Net investment in operating leases

 

3,286 

 

3,334 

 

Direct Financing Leases:

 

 

 

 

 

Lease payments receivable

 

102 

 

100 

 

Less: Unearned income

 

(6)

 

(2)

 

Net investment in direct financing leases

 

96 

 

98 

 

Off-Lease Vehicles:

 

 

 

 

 

Vehicles not yet subject to a lease

 

233 

 

217 

 

Vehicles held for sale

 

11 

 

10 

 

Less: Accumulated depreciation

 

(7)

 

(6)

 

Net investment in off-lease vehicles

 

237 

 

221 

 

Total

 

$

3,619 

 

$

3,653