Debt



	December 31, 2019				December 31, 2018
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Secured debt
Revolving credit facilities	$	6,152	$	6,160	$	3,410	$	3,413
Securitization notes payable	33,807		34,000		39,425		39,422
Total secured debt	39,959		40,160		42,835		42,835
Unsecured debt
Senior notes	43,679		44,937		42,611		42,015
Credit facilities	1,936		1,936		2,157		2,151
Other unsecured debt	3,364		3,366		3,385		3,390
Total unsecured debt	48,979		50,239		48,153		47,556
Total secured and unsecured debt	$	88,938	$	90,399	$	90,988	$	90,391
Fair value utilizing Level 2 inputs			$	88,481			$	88,305
Fair value utilizing Level 3 inputs			$	1,918			$	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 8 for further information.

The weighted average interest rate on secured debt was 2.95% at December 31, 2019. Issuance costs on the secured debt of $75 million as of December 31, 2019 and $93 million as of December 31, 2018 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 2019, we entered into new or renewed credit facilities with a total net additional borrowing capacity of $225 million.

Securitization notes payable at December 31, 2019 are due beginning in 2020 through 2027. During 2019, we issued $16.2 billion in aggregate principal amount of securitization notes payable with an initial weighted average interest rate of 2.75% and maturity dates ranging from 2022 to 2027.

Unsecured Debt

Senior Notes At December 31, 2019, we had $43.7 billion aggregate outstanding in senior notes that mature from 2020 through 2029 and have a weighted average interest rate of 3.42%. Issuance costs on senior notes of $111 million as of December 31, 2019 and $121 million as of December 31, 2018 are amortized to interest expense over the term of the notes.

During 2019, we issued $6.9 billion in aggregate principal amount of senior notes with an initial weighted average interest rate of 3.63% and maturity dates ranging from 2021 through 2029.

In January 2020, we issued $1.25 billion in senior notes with an interest rate of 2.90% due in 2025.

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

Credit Facilities and Other Unsecured Debt We use unsecured credit facilities with banks as well as non-bank instruments as funding sources. Our credit facilities and other unsecured debt have maturities of up to four years. The weighted average interest rate on these credit facilities and other unsecured debt was 4.73% at December 31, 2019.

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



	Years Ending December 31,
	2020		2021		2022		2023		2024		Thereafter		Total
Secured debt	$	24,089	$	10,233	$	3,781	$	1,182	$	731	$	—	$	40,016
Unsecured debt	11,498		10,457		7,982		5,856		5,064		8,160		49,017
Interest payments	2,485		1,573		982		707		431		477		6,655
	$	38,072	$	22,263	$	12,745	$	7,745	$	6,226	$	8,637	$	95,688

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 December 31, 2019, we were in compliance with these debt covenants.