Debt

Debt consists of the following (in millions):



	March 31, 2016		December 31, 2015
Secured debt
Revolving credit facilities	$	8,713	$	7,548
Securitization notes payable	24,020		23,141
Total secured debt	$	32,733	$	30,689

Unsecured debt
Senior notes	$	21,827	$	18,973
Credit facilities	3,546		2,759
Retail customer deposits	1,599		1,260
Other unsecured debt	666		665
Total unsecured debt	$	27,638	$	23,657

Secured Debt

Most of the secured debt was issued by variable interest entities, as further discussed in Note 8 - "Variable Interest Entities." This debt is repayable only from proceeds related to the underlying pledged finance receivables and leasing related assets.

During the three months ended March 31, 2016, we entered into new credit facilities or renewed credit facilities with a total additional net borrowing capacity of $366 million, and we issued securitization notes payable of $3.2 billion through securitization transactions.

Unsecured Debt

In March 2016, our top-tier holding company issued $2.75 billion in senior notes comprised of $1.5 billion of 4.20% notes due in March 2021 and $1.25 billion of 5.25% notes due in March 2026. All of these notes are guaranteed solely by AmeriCredit Financial Services, Inc. ("AFSI"). These notes contain terms and covenants customary of these types of securities including limitations on our ability to incur certain liens.

During the three months ended March 31, 2016, we increased net borrowing capacity on unsecured committed credit facilities by $66 million.

During 2015, we began accepting deposits from retail banking customers in Germany. Following is summarized information for our deposits at March 31, 2016 and December 31, 2015 (dollars in millions):



	March 31, 2016				December 31, 2015
	Outstanding Balance		Weighted Average Interest Rate		Outstanding Balance		Weighted Average Interest Rate
Overnight deposits	$	654	0.85	%	$	555	1.00	%
Term deposits -12 months	444		1.27	%	337		1.32	%
Term deposits - 24 months	192		1.38	%	123		1.44	%
Term deposits - 36 months	309		1.60	%	245		1.65	%
Total deposits	$	1,599	1.18	%	$	1,260	1.25	%

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. At March 31, 2016, we were in compliance with these debt covenants.