Debt

Debt consists of the following (in millions):



	December 31, 2015						December 31, 2014
	North America		International		Total		North America		International		Total
Secured debt
Revolving credit facilities	$	3,246	$	4,302	$	7,548	$	1,701	$	5,327	$	7,028
Securitization notes payable	19,905		3,236		23,141		13,721		4,424		18,145
Total secured debt	$	23,151	$	7,538	$	30,689	$	15,422	$	9,751	$	25,173

Unsecured debt
Senior notes	$	17,731	$	1,242	$	18,973	$	7,777	$	598	$	8,375
Credit facilities	—		2,759		2,759		—		2,974		2,974
Retail customer deposits	—		1,260		1,260		—		—		—
Other unsecured debt	—		665		665		—		793		793
Total unsecured debt	$	17,731	$	5,926	$	23,657	$	7,777	$	4,365	$	12,142

Secured Debt

Most of the secured debt was issued by variable interest entities, as further discussed in Note 9 - "Variable Interest Entities." This debt is repayable only from proceeds related to the underlying pledged finance receivables and leasing related assets.

Interest rates on the secured debt in the North America Segment are primarily fixed, with a weighted average of 1.63% at December 31, 2015. Interest rates on the secured debt in the International Segment are primarily floating, with a weighted average of 3.10% at December 31, 2015. Issuance costs on the secured debt of $76 million as of December 31, 2015 and $60 million as of December 31, 2014 are amortized to interest expense over the expected term of the secured debt.

The terms of our revolving credit facilities provide for a revolving period and subsequent amortization period, and are expected to be repaid over periods ranging up to six years. During 2015, we entered into new credit facilities or renewed credit facilities with a total additional net borrowing capacity of $5.2 billion.

Securitization notes payable at December 31, 2015 are due beginning in 2016 through 2023. In the year ended December 31, 2015 we issued securitization notes payable of $14.3 billion with a weighted-average interest rate of 1.5%.

Unsecured Debt

Senior Notes

At December 31, 2015, we had $19.1 billion par value outstanding in senior notes that mature from 2016 through 2025 and have a weighted average interest rate of 3.37%. Issuance costs on senior notes of $107 million as of December 31, 2015 and $75 million as of December 31, 2014 are amortized to interest expense over the term of the notes.

Our top-tier holding company has $17.2 billion par value outstanding in senior notes which may be redeemed, at our option, in whole or in part, at any time before maturity at the redemption prices set forth in the indentures that govern the senior notes, plus accrued and unpaid interest, to the redemption date. All of our senior notes are guaranteed solely by AmeriCredit Financial Services, Inc. ("AFSI"); none of our other subsidiaries are guarantors of our senior notes. See Note 21 - "Guarantor Consolidating Financial Statements" for further discussion.

During 2015, our top-tier holding company issued $9.7 billion in senior notes comprised of $8.9 billion of fixed rate notes with a weighted average coupon of 3.38% and $800 million in floating rate notes. These notes mature beginning in April 2018 through July 2025. All of these notes are guaranteed by AFSI.

In February 2015, a European subsidiary issued €650 million of 0.85% notes under our Euro medium term notes program. These notes are due in February 2018. All of these notes are guaranteed by our top-tier holding company and by AFSI.

In May 2015, our primary Canadian operating subsidiary issued CAD$500 million of 3.08% notes due in May 2020. The notes are guaranteed by our top-tier holding company and by AFSI.

Credit Facilities and Other Unsecured Debt

The International Segment utilizes unsecured credit facilities with banks as well as non-bank instruments as funding sources. During 2015, we increased net borrowing capacity on unsecured committed credit facilities by $334 million.

The terms of advances under our unsecured credit facilities are determined and agreed to by us and the lender on the borrowing date for each advance and can have maturities up to five years. The weighted average interest rate on credit facilities and other unsecured debt was 8.72% at December 31, 2015.

Retail Customer Deposits

During 2015, we began accepting deposits from retail banking customers in Germany. Following is summarized information for our deposits at December 31, 2015 (dollars in millions):



	Outstanding Balance		Weighted Average Interest Rate
Overnight deposits	$	555	1.00	%
Term deposits -12 months	337		1.32	%
Term deposits - 24 months	123		1.44	%
Term deposits - 36 months	245		1.65	%
Total deposits	$	1,260	1.25	%

Contractual Debt Obligations

The following table presents the expected scheduled principal and interest payments under our contractual debt obligations (in millions):



	Years Ending December 31,
	2016		2017		2018		2019		2020		Thereafter		Total
Secured debt	$	14,450	$	9,168	$	5,688	$	1,120	$	317	$	—	$	30,743
Unsecured debt	4,343		3,654		3,459		3,165		4,110		5,050		23,781
Interest	1,275		1,008		588		397		267		483		4,018
	$	20,068	$	13,830	$	9,735	$	4,682	$	4,694	$	5,533	$	58,542

Compliance with Debt Covenants

Several of our loan facilities, including our revolving credit facilities, require compliance with certain financial and operational covenants as well as regular reporting to lenders, including providing certain subsidiary financial statements. Some of our secured and unsecured debt agreements also contain various covenants, including maintaining portfolio performance ratios as well as limits on deferment levels. Failure to meet certain of these requirements may result in a covenant violation or an event of default depending on the terms of the agreement. An event of default may allow lenders to declare amounts outstanding under these agreements immediately due and payable, to enforce their interest against collateral pledge under these agreements or restrict our ability to obtain additional borrowings. At December 31, 2015, we were in compliance with these debt covenants.