Debt

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Debt

Debt

	December 31, 2024				December 31, 2023
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Secured Debt
Revolving credit facilities	$	5,426	$	5,426	$	4,960	$	4,960
Securitization notes payable	44,147		44,327		40,284		40,012
Total secured debt	49,573		49,753		45,243		44,971
Unsecured Debt
Senior notes	53,632		54,177		49,990		49,537
Credit facilities	2,178		2,174		2,034		2,026
Other unsecured debt	8,880		8,906		8,060		8,088
Total unsecured debt	64,691		65,258		60,084		59,651
Total secured and unsecured debt	$	114,264	$	115,010	$	105,327	$	104,622
Fair value utilizing Level 2 inputs			$	112,941			$	102,262
Fair value utilizing Level 3 inputs			$	2,070			$	2,360

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 5.17% at December 31, 2024. Issuance costs on secured debt of $95 million and $82 million as of December 31, 2024 and 2023 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 three years. During 2024, we renewed credit facilities with a total borrowing capacity of $27.4 billion.

Securitization notes payable at December 31, 2024 are due beginning in 2025 and lasting through 2037. During 2024, we issued $24.8 billion in aggregate principal amount of securitization notes payable with an initial weighted average interest rate of 5.30% and maturity dates ranging from 2024 to 2037.

Unsecured Debt

Senior Notes At December 31, 2024, we had $55.1 billion aggregate principal amount outstanding in senior notes that mature from 2025 through 2034 and have a weighted average interest rate of 4.20%. Issuance costs on senior notes of $134 million and $125 million as of December 31, 2024 and 2023 are amortized to interest expense over the term of the notes.

During 2024, we issued $12.5 billion in aggregate principal amount of senior notes with an initial weighted average interest rate of 5.39% and maturity dates ranging from 2027 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 7.15% at December 31, 2024.

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

	Years Ending December 31,
	2025		2026		2027		2028		2029		Thereafter		Total
Secured debt	$	18,010	$	15,071	$	8,681	$	4,199	$	3,556	$	131	$	49,648
Unsecured debt	19,378		9,058		10,649		7,368		6,584		13,118		66,155
Interest payments	4,707		3,274		2,194		1,444		830		1,443		13,892
	$	42,095	$	27,403	$	21,524	$	13,011	$	10,970	$	14,692	$	129,695

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, 2024, we were in compliance with these debt covenants.