Debt



	March 31, 2019				December 31, 2018
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Secured debt
Revolving credit facilities	$	2,305	$	2,311	$	3,410	$	3,413
Securitization notes payable	39,320		39,427		39,425		39,422
Total secured debt	41,625		41,738		42,835		42,835
Unsecured debt
Senior notes	44,890		45,249		42,611		42,015
Credit facilities	1,869		1,865		2,157		2,151
Other unsecured debt	3,747		3,752		3,385		3,390
Total unsecured debt	50,506		50,866		48,153		47,556
Total secured and unsecured debt	$	92,131	$	92,604	$	90,988	$	90,391
Fair value utilizing Level 2 inputs			$	90,615			$	88,305
Fair value utilizing Level 3 inputs			$	1,989			$	2,086

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 7 for further discussion.

During the three months ended March 31, 2019, we entered into new credit facilities or renewed credit facilities with a total net additional borrowing capacity of $75 million, and we issued $4.6 billion in aggregate principal amount of securitization notes payable with an initial weighted average interest rate of 3.16% and legal final maturity dates ranging from 2023 to 2025.

Unsecured Debt During the three months ended March 31, 2019, we issued $3.9 billion in aggregate principal amount of senior notes with a weighted average interest rate of 4.22% and maturity dates ranging from 2021 to 2029.

In April 2019, we issued $1.3 billion in senior notes with an interest rate of 3.55% due in 2022.

The principal amount outstanding of our commercial paper in the U.S. was $1.5 billion and $1.2 billion at March 31, 2019 and December 31, 2018.

General Motors Financial Company, Inc. is the sole guarantor of its subsidiaries' unsecured debt obligations for which a guarantee is provided.

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 debt obligations contain covenants including limitations on our ability to incur certain liens. At March 31, 2019, we were in compliance with these debt covenants.