Leased Vehicles

6 Months Ended

Jun. 30, 2013

Leases [Abstract]

Leased Vehicles

Our operating lease program is offered primarily in North America. As of June 30, 2013, the amount of leased vehicles accounted for as operating leases in our international operations is insignificant; therefore, the following information regarding our leased vehicles is presented on a consolidated basis.

Following is a summary of our leased vehicles (in millions):

	June 30, 2013			December 31, 2012
Leased vehicles	$	3,579		$	2,283
Manufacturer incentives	(498		)	(307		)
	3,081			1,976
Less: accumulated depreciation	(426		)	(273		)
Leased vehicles, net	$	2,655		$	1,703

A summary of the changes in our leased vehicles is as follows (in millions):

	Three Months Ended						Six Months Ended
	June 30,
	2013			2012			2013			2012
Balance at beginning of period	$	2,444		$	1,210		$	1,976		$	887
International operations acquisition	9						9
Leased vehicles purchased	834			394			1,454			778
Leased vehicles returned - end of term	(54		)	(12		)	(106		)	(26		)
Leased vehicles returned - default	(5		)	(1		)	(9		)	(2		)
Manufacturer incentives	(115		)	(55		)	(197		)	(107		)
Foreign currency translation	(32		)	(9		)	(46		)	(3		)
Balance at end of period	$	3,081		$	1,527		$	3,081		$	1,527

As of June 30, 2013 and December 31, 2012, our Canadian subsidiary was servicing $429 million and $625 million of leased vehicles for a third party.

The following table summarizes minimum rental payments due to us as lessor under operating leases (in millions):

	Fiscal 2013		Fiscal 2014		Fiscal 2015		Fiscal 2016		Fiscal 2017		Fiscal 2018
Minimum rental payments under operating leases	$	303	$	461	$	342	$	118	$	11	$	1