Debt



	March 31, 2020				December 31, 2019
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Secured debt
Revolving credit facilities	$	14,289	$	14,295	$	6,152	$	6,160
Securitization notes payable	31,881		31,778		33,807		34,000
Total secured debt	46,170		46,073		39,959		40,160
Unsecured debt
Senior notes	45,440		40,865		43,679		44,937
Credit facilities	1,970		1,962		1,936		1,936
Other unsecured debt	2,609		2,609		3,364		3,366
Total unsecured debt	50,019		45,436		48,979		50,239
Total secured and unsecured debt	$	96,189	$	91,509	$	88,938	$	90,399
Fair value utilizing Level 2 inputs			$	89,892			$	88,481
Fair value utilizing Level 3 inputs			$	1,617			$	1,918

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 2.59% at March 31, 2020. Issuance costs on the secured debt of $69 million as of March 31, 2020 and $75 million as of December 31, 2019 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 the three months ended March 31, 2020, we entered into no new credit facilities, and we renewed maturing credit facilities with no change in borrowing capacity.

Securitization notes payable at March 31, 2020 are due beginning in 2020 through 2027. During the three months ended March 31, 2020, we issued $4.6 billion in aggregate principal amount of securitization notes payable with an initial weighted average interest rate of 1.95% and maturity dates ranging from 2021 to 2027.

Unsecured Debt

Senior Notes At March 31, 2020, we had $45.0 billion aggregate outstanding in senior notes that mature from 2020 through 2029 and have a weighted average interest rate of 3.33%. Issuance costs on senior notes of $110 million as of March 31, 2020 and $111 million as of December 31, 2019 are amortized to interest expense over the term of the notes.

During the three months ended March 31, 2020, we issued $2.1 billion in aggregate principal amount of senior notes with an initial weighted average interest rate of 2.09% and maturity dates ranging from 2024 through 2028.

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 4.47% at March 31, 2020.

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, 2020, we were in compliance with these debt covenants.