Debt



	September 30, 2016				December 31, 2015
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Secured debt
Revolving credit facilities	$	7,947	$	7,944	$	7,548	$	7,494
Securitization notes payable	27,290		27,474		23,141		23,177
Total secured debt	$	35,237	$	35,418	$	30,689	$	30,671
Unsecured debt
Senior notes	$	27,199	$	28,053	$	18,973	$	19,045
Credit facilities	3,676		3,678		2,759		2,753
Retail customer deposits	1,929		1,936		1,260		1,262
Other unsecured debt	722		722		665		666
Total unsecured debt	$	33,526	$	34,389	$	23,657	$	23,726
Total Secured and Unsecured debt	$	68,763	$	69,807	$	54,346	$	54,397
Fair value utilizing Level 2 inputs			$	64,847			$	48,716
Fair value utilizing Level 3 inputs			$	4,960			$	5,681

The fair value of our debt measured utilizing Level 2 inputs was based on quoted market prices for identical instruments and if unavailable, quoted market prices of similar instruments. For debt that has terms of one year or less or has been priced within the last six months, the carrying amount or par value is considered to be a reasonable estimate of fair value. The fair value of our debt measured utilizing Level 3 inputs was based on the discounted future net cash flows expected to be settled using current risk-adjusted rates.

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 nine months ended September 30, 2016, we entered into new credit facilities or renewed credit facilities with a total additional net borrowing capacity of $3.1 billion, and we issued securitization notes payable of $11.8 billion.

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").

In May 2016, our top-tier holding company issued $3.0 billion in senior notes comprised of $1.4 billion of 2.40% notes due in May 2019, $1.2 billion of 3.70% notes due in May 2023 and $400 million of floating rate notes due in May 2019. All of these notes are guaranteed solely by AFSI.

Also in May 2016, one of our European subsidiaries issued €500 million of 1.168% notes under our Euro medium term notes program. These notes are due in May 2020 and are guaranteed by our top-tier holding company and AFSI.

In July 2016, our top-tier holding company issued $2.0 billion of 3.20% senior notes due in July 2021. These notes are guaranteed solely by AFSI.

In September 2016, our top-tier holding company issued €750 million of 0.955% notes under our Euro medium term notes program. These notes are due in September 2023 and are guaranteed solely by AFSI.

Subsequent to September 30, 2016, our top-tier holding company issued $1.75 billion in senior notes comprised of $750 million of 2.35% notes due in October 2019, $750 million of 4.00% notes due in October 2026 and $250 million of floating rate notes due in October 2019. All of these notes are guaranteed solely by AFSI.

During 2015, we began accepting deposits from retail banking customers in Germany. Following is summarized information for our deposits at September 30, 2016 and December 31, 2015:



	September 30, 2016				December 31, 2015
	Outstanding Balance		Weighted Average Interest Rate		Outstanding Balance		Weighted Average Interest Rate
Overnight deposits	$	793	0.60	%	$	555	1.00	%
Term deposits -12 months	466		1.07	%	337		1.32	%
Term deposits - 24 months	277		1.29	%	123		1.44	%
Term deposits - 36 months	393		1.52	%	245		1.65	%
Total deposits	$	1,929	1.00	%	$	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. Certain of our secured debt agreements also contain various covenants, including maintaining portfolio performance ratios as well as limits on deferment levels. Our unsecured senior notes contain covenants including limitations on our ability to incur certain liens. At September 30, 2016, we were in compliance with these debt covenants.