Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt

Debt

	December 31, 2023				December 31, 2022
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Secured debt
Revolving credit facilities	$	4,960	$	4,960	$	3,931	$	3,931
Securitization notes payable	40,284		40,012		38,200		37,537
Total secured debt	45,243		44,971		42,131		41,467
Unsecured debt
Senior notes	49,990		49,537		46,111		43,676
Credit facilities	2,034		2,026		1,473		1,448
Other unsecured debt	8,060		8,088		7,139		7,146
Total unsecured debt	60,084		59,651		54,723		52,270
Total secured and unsecured debt	$	105,327	$	104,622	$	96,854	$	93,738
Fair value utilizing Level 2 inputs			$	102,262			$	91,545
Fair value utilizing Level 3 inputs			$	2,360			$	2,192

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 5.32% at December 31, 2023. Issuance costs on secured debt of $82 million as of December 31, 2023 and $84 million as of December 31, 2022 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 2023, we renewed credit facilities with a total borrowing capacity of $20.8 billion.

Securitization notes payable at December 31, 2023 are due beginning in 2024 and lasting through 2036. During 2023, we issued $23.6 billion in aggregate principal amount of securitization notes payable with an initial weighted average interest rate of 5.60% and maturity dates ranging from 2023 to 2036.

Unsecured Debt

Senior Notes At December 31, 2023, we had $51.2 billion aggregate principal amount outstanding in senior notes that mature from 2024 through 2034 and have a weighted average interest rate of 3.82%. Issuance costs on senior notes of $125 million as of December 31, 2023 and $113 million as of December 31, 2022 are amortized to interest expense over the term of the notes.

During 2023, we issued $11.4 billion in aggregate principal amount of senior notes with an initial weighted average interest rate of 5.70% and maturity dates ranging from 2026 to 2034.

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 7.82% at December 31, 2023.

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

	Years Ending December 31,
	2024		2025		2026		2027		2028		Thereafter		Total
Secured debt	$	22,091	$	11,886	$	6,358	$	1,630	$	1,162	$	2,176	$	45,301
Unsecured debt	16,546		11,086		8,691		7,140		6,002		11,823		61,289
Interest payments	3,916		2,356		1,470		921		602		847		10,113
	$	42,554	$	25,327	$	16,519	$	9,691	$	7,766	$	14,846	$	116,703

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, 2023, we were in compliance with these debt covenants.