Debt



	December 31, 2017				December 31, 2016
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Secured debt
Revolving credit facilities	$	4,694	$	4,713	$	8,503	$	8,498
Securitization notes payable	35,193		35,235		26,584		26,664
Total secured debt	39,887		39,948		35,087		35,162
Unsecured debt
Senior notes	36,820		37,969		26,737		27,304
Credit facilities	2,368		2,375		1,961		1,961
Other unsecured debt	1,642		1,645		778		780
Total unsecured debt	40,830		41,989		29,476		30,045
Total secured and unsecured debt	$	80,717	$	81,937	$	64,563	$	65,207
Fair value utilizing Level 2 inputs			$	79,623			$	62,951
Fair value utilizing Level 3 inputs			$	2,314			$	2,256

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 with original maturity or revolving period of eighteen months or less 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 VIEs and is repayable only from proceeds related to the underlying pledged assets. Refer to Note 9 for further discussion.

The weighted average interest rate on secured debt was 2.37% at December 31, 2017. Issuance costs on the secured debt of $90 million as of December 31, 2017 and $75 million as of December 31, 2016 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 five years. During 2017, we entered into new credit facilities and renewed credit facilities with a total net additional borrowing capacity of $2.9 billion.

Securitization notes payable at December 31, 2017 are due beginning in 2019 through 2025. During 2017, we issued $22.4 billion in aggregate principal amount of securitization notes payable with an initial weighted average interest rate of 2.10%.

Unsecured Debt

Senior Notes At December 31, 2017, we had $37.3 billion aggregate outstanding in senior notes that mature from 2018 through 2027 and have a weighted average interest rate of 3.27%. Issuance costs on senior notes of $122 million as of December 31, 2017 and $110 million as of December 31, 2016 are amortized to interest expense over the term of the notes.

During 2017, we issued $12.7 billion in aggregate principal amount of senior notes with a weighted average interest rate of 2.85% and maturity dates ranging from 2019 through 2027.

In January 2018, we issued $1.65 billion in senior notes with a weighted average interest rate of 3.26% and maturity dates ranging from 2023 through 2028.

All of these notes are guaranteed by AmeriCredit Financial Services, Inc. (AFSI), our primary U.S. operating subsidiary, and $821 million in senior notes issued by subsidiaries in Canada and Mexico are also guaranteed by General Motors Financial Company, Inc. Our currently outstanding $500 million 6.75% senior notes mature on June 1, 2018, and when, among other things, such notes are discharged on or before the stated maturity date, the AFSI guarantees on all outstanding senior notes will be automatically and unconditionally released and discharged.

Credit Facilities and Other Unsecured Debt We use unsecured credit facilities with banks as well as non-bank instruments as funding sources, primarily in the International Segment. During 2017, we increased net borrowing capacity on unsecured committed credit facilities by $24 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 four years. The weighted average interest rate on these credit facilities and other unsecured debt was 7.28% at December 31, 2017.

Contractual Debt Obligations The following table presents the expected scheduled principal and interest payments under our contractual debt obligations:



	Years Ending December 31,
	2018		2019		2020		2021		2022		Thereafter		Total
Secured debt	$	19,348	$	12,406	$	6,203	$	1,775	$	227	$	—	$	39,959
Unsecured debt	5,154		6,083		8,493		6,027		5,096		10,477		41,330
Interest payments	2,373		1,653		1,149		787		532		1,144		7,638
	$	26,875	$	20,142	$	15,845	$	8,589	$	5,855	$	11,621	$	88,927

Compliance with Debt Covenants Several of 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 December 31, 2017, we were in compliance with these debt covenants.