Debt

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Debt

Debt

	December 31, 2022				December 31, 2021
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Secured debt
Revolving credit facilities	$	3,931	$	3,931	$	3,497	$	3,495
Securitization notes payable	38,200		37,537		35,841		35,906
Total secured debt	42,131		41,467		39,338		39,401
Unsecured debt
Senior notes	46,111		43,676		45,386		46,539
Credit facilities	1,473		1,448		1,229		1,211
Other unsecured debt	7,139		7,146		6,608		6,607
Total unsecured debt	54,723		52,270		53,223		54,357
Total secured and unsecured debt	$	96,854	$	93,738	$	92,561	$	93,758
Fair value utilizing Level 2 inputs			$	91,545			$	92,250
Fair value utilizing Level 3 inputs			$	2,192			$	1,508

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 1.70% at December 31, 2022. Issuance costs on the secured debt of $84 million as of December 31, 2022 and $82 million as of December 31, 2021 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 borrowings are expected to be repaid over periods ranging up to six years. During 2022, we renewed credit facilities with a total borrowing capacity of $26.3 billion.

Securitization notes payable at December 31, 2022 are due beginning in 2023 and lasting through 2035. During 2022, we issued $24.3 billion in aggregate principal amount of securitization notes payable with an initial weighted average interest rate of 3.40% and maturity dates ranging from 2023 to 2035.

Unsecured Debt

Senior Notes At December 31, 2022, we had $47.0 billion aggregate principal amount outstanding in senior notes that mature from 2023 through 2032 and have a weighted average interest rate of 3.20%. Issuance costs on senior notes of $113 million as of December 31, 2022 and $114 million as of December 31, 2021 are amortized to interest expense over the term of the notes.

During 2022, we issued $9.0 billion in aggregate principal amount of senior notes with an initial weighted average interest rate of 3.78% and maturity dates ranging from 2024 to 2032.

During 2021, we redeemed $1.5 billion in aggregate principal amount of 5.20% senior notes due in 2023. The redemption resulted in a $105 million loss on the early extinguishment of debt. The loss is included in interest expense.

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 five years. The weighted average interest rate on these credit facilities and other unsecured debt was 6.97% at December 31, 2022.

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

	Years Ending December 31,
	2023		2024		2025		2026		2027		Thereafter		Total
Secured debt	$	21,650	$	12,565	$	4,999	$	1,785	$	232	$	965	$	42,196
Unsecured debt	15,261		8,578		10,341		6,032		6,273		9,165		55,651
Interest payments	3,083		1,848		1,097		651		392		618		7,688
	$	39,995	$	22,992	$	16,437	$	8,468	$	6,897	$	10,748	$	105,535

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, 2022, we were in compliance with these debt covenants.