Debt and Borrowing Arrangements (Tables)

3 Months Ended

Mar. 31, 2014

Debt and Borrowing Arrangements

Summary of the components of Debt

	March 31, 2014			December 31, 2013
			Wt. Avg-			Wt. Avg-
			Interest			Interest
	Balance		Rate(1)	Balance		Rate(1)
	(In millions)
Term notes, in amortization	$	1,237	1.0%	$	1,406	1.0%
Term notes, in revolving period	1,500		0.7%	700		0.7%
Variable-funding notes	700		2.1%	1,358		1.4%
Other	15		5.1%	17		5.0%
Vehicle Management Asset-Backed Debt	3,452			3,481
Secured Canadian credit facility	—		—%	—		—%
Committed warehouse facilities	510		2.3%	709		2.1%
Uncommitted warehouse facilities	—		—%	—		—%
Servicing advance facility	117		2.7%	66		2.7%
Mortgage Asset-Backed Debt	627			775
Term notes	795		7.3%	795		7.3%
Convertible notes(2)	460		5.0%	454		5.0%
Unsecured credit facilities	—		—%	—		—%
Unsecured Debt	1,255			1,249
Total	$	5,334		$	5,505

(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 $40 million and $46 million as of March 31, 2014 and December 31, 2013, respectively. The effective interest rate of the Convertible notes is 13.1%, 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

Assets held as collateral for asset-backed borrowing arrangements that are not available to pay the Company’s general obligations as of March 31, 2014 consisted of:

	Vehicle		Mortgage
	Asset-Backed		Asset-Backed
	Debt		Debt
	(In millions)
Restricted cash	$	243	$	64
Accounts receivable	45		97
Mortgage loans held for sale (unpaid principal balance)	—		528
Net investment in fleet leases	3,574		—
Total	$	3,862	$	689

Schedule of contractual debt maturities

The following table provides the contractual debt maturities as of March 31, 2014:

	Vehicle		Mortgage
	Asset-Backed		Asset-Backed		Unsecured
	Debt(1)		Debt		Debt(2)		Total
	(In millions)
Within one year	$	959	$	510	$	250	$	1,719
Between one and two years	1,094		89		170		1,353
Between two and three years	797		28		—		825
Between three and four years	467		—		250		717
Between four and five years	127		—		—		127
Thereafter	8		—		625		633
	$	3,452	$	627	$	1,295	$	5,374

(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 borrowing arrangements

Available capacity under committed borrowing arrangements as of March 31, 2014 consisted of:

					Maximum
	Maximum		Utilized		Available
	Capacity		Capacity		Capacity
	(In millions)
Vehicle Management Asset-Backed Debt:
Term notes, in revolving period	$	1,500	$	1,500	$	—
Variable-funding notes	1,839		700		1,139
Secured Canadian credit facility	23		—		23
Mortgage Asset-Backed Debt:
Committed warehouse facilities	2,189		510		1,679
Servicing advance facility	130		117		13
Unsecured credit facilities(1)	305		—		305

(1) Capacity amount shown reflect the contractual maximum capacity of the facilities. As of March 31, 2014, the total available capacity of these facilities is $26 million, after applying the applicable borrowing base coverage ratio tests.