Automotive and GM Financial Debt



	March 31, 2017				December 31, 2016
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Total automotive debt	$	10,952	$	11,913	$	10,752	$	11,612
Fair value utilizing Level 1 inputs			$	9,590			$	9,515
Fair value utilizing Level 2 inputs			$	2,323			$	2,097

The fair value of automotive debt measured utilizing Level 1 inputs was based on quoted prices in active markets for identical instruments that a market participant can access at the measurement date. The fair value of automotive debt measured utilizing Level 2 inputs was based on a discounted cash flow model using observable inputs. This model utilizes observable inputs such as contractual repayment terms and benchmark yield curves, plus a spread based on our senior unsecured notes that is intended to represent our nonperformance risk. We obtain the benchmark yield curves and yields on unsecured notes from independent sources that are widely used in the financial industry. At March 31, 2017 and December 31, 2016 the fair value of automotive debt exceeded its carrying amount due primarily to a decrease in bond yields compared to yields at the time of issuance.



	March 31, 2017				December 31, 2016
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Secured debt	$	42,579	$	42,680	$	39,270	$	39,357
Unsecured debt	37,370		38,390		34,606		35,220
Total GM Financial debt	$	79,949	$	81,070	$	73,876	$	74,577

Fair value utilizing Level 2 inputs			$	77,267			$	69,990
Fair value utilizing Level 3 inputs			$	3,803			$	4,587

The fair value of GM Financial debt measured utilizing Level 2 inputs was based on quoted market prices for identical instruments and if unavailable, quoted market prices of similar instruments. For debt that has terms of one year or less or has been priced within the last six months, the carrying amount or par value is considered to be a reasonable estimate of fair value. The fair value of GM Financial debt measured utilizing Level 3 inputs was based on the discounted future net cash flows expected to be settled using current risk-adjusted rates.

Secured debt consists of revolving credit facilities and securitization notes payable. Most of the secured debt was issued by VIEs and is repayable only from proceeds related to the underlying pledged Securitized Assets. Refer to Note 8 for additional information on GM Financial's involvement with VIEs. In the three months ended March 31, 2017 we issued securitization notes payable of $4.0 billion and entered into new or renewed credit facilities with a total net additional borrowing capacity of $182 million, which had substantially the same terms as existing debt.

Unsecured debt consists of senior notes, credit facilities, retail customer deposits and other unsecured debt. In the three months ended March 31, 2017 we issued $2.5 billion in aggregate principal amount of senior notes comprising:



	Amount Issued
3.45% Senior notes due January 2022	$	1,250
4.35% Senior notes due January 2027	$	750
Floating rate notes due January 2022	$	500

In April 2017 we issued $3.0 billion in aggregate principal amount of senior notes comprising $1.0 billion of 2.65% notes due in April 2020, $1.25 billion of 3.95% notes due in April 2024 and $750 million of floating rate notes due in April 2020. Each of these notes contain terms and covenants including limitations on GM Financial's ability to incur certain liens.

GM Financial accepts deposits from retail banking customers in Germany. At March 31, 2017 and December 31, 2016 the outstanding balance of these deposits was $1.9 billion, of which 41% and 42% were overnight deposits.