Investments in Operating Leases, Net

12 Months Ended

Mar. 31, 2013

Investments in Operating Leases, Net [Abstract]

Investments in Operating Leases, Net

Note 5 – Investments in Operating Leases, Net

Investments in operating leases, net consist of vehicle and equipment leases, net of deferred fees and costs, deferred income, accumulated depreciation and the allowance for credit losses. Pledged investments in operating leases represent beneficial interests in a pool of certain vehicle leases that have been sold for legal purposes to securitization trusts but continue to be included in our consolidated financial statements. Cash flows from these pledged investments in operating leases are available only for the repayment of debt issued by these trusts and other obligations arising from the securitization transactions. They are not available for payment of our other obligations or to satisfy claims of our other creditors.

Investments in operating leases, net consisted of the following:
(Dollars in millions)	March 31, 2013		March 31, 2012
Investments in operating leases	$	25,957	$	24,911
Pledged investments in operating leases		630		-
		26,587		24,911
Deferred origination (fees) and costs, net		(125)		(133)
Deferred income		(609)		(594)
Accumulated depreciation		(5,387)		(5,346)
Allowance for credit losses		(82)		(95)
Investments in operating leases, net	$	20,384	$	18,743

Future minimum lease rentals on operating leases are as follows (dollars in millions):
	Future minimum
Years ending March 31,	rentals on operating leases
2014	$	3,496
2015		2,342
2016		943
2017		148
2018		25
Thereafter		0
Total	$	6,954
A portion of our operating lease contracts has historically terminated prior to maturity; future minimum rentals as shown above should not be considered as necessarily indicative of total future cash collections.