Automotive and GM Financial Debt

6 Months Ended

Jun. 30, 2019



	June 30, 2019				December 31, 2018
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Automotive debt	$	15,091	$	15,815	$	13,435	$	12,700
Finance lease liabilities	356		565		528		831
Total automotive debt	$	15,447	$	16,380	$	13,963	$	13,531
Fair value utilizing Level 1 inputs			$	13,022			$	11,693
Fair value utilizing Level 2 inputs			$	3,358			$	1,838

Finance lease assets in Property, net were $389 million at June 30, 2019. Finance lease costs were insignificant in the three and six months ended June 30, 2019. Finance lease right of use assets obtained in exchange for lease obligations were $122 million in the six months ended June 30, 2019. Undiscounted future lease obligations related to finance leases are $135 million in the six months ending December 31, 2019, $185 million in aggregate for the years 2020 to 2023 and $376 million thereafter, with imputed interest of $340 million at June 30, 2019. The weighted-average discount rate on finance leases was 10.8% and the weighted-average remaining lease term was 12.4 years at June 30, 2019.

In January 2019 we executed a new three-year committed unsecured revolving credit facility with an initial borrowing capacity of $3.0 billion, reducing to $2.0 billion in July 2020. The facility is to fund costs related to transformation activities announced in November 2018 and to provide additional financial flexibility. In the three and six months ended June 30, 2019 we borrowed $300 million and $700 million against this facility to support transformation related disbursements. In April 2019 we renewed our 364-day $2.0 billion credit facility for an additional 364-day term. This facility has been allocated for exclusive use by GM Financial since April 2018.



	June 30, 2019				December 31, 2018
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Secured debt	$	41,047	$	41,273	$	42,835	$	42,835
Unsecured debt	50,067		51,454		48,153		47,556
Total GM Financial debt	$	91,114	$	92,727	$	90,988	$	90,391

Fair value utilizing Level 2 inputs			$	90,699			$	88,305
Fair value utilizing Level 3 inputs			$	2,028			$	2,086

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 assets. Refer to Note 8 for additional information on GM Financial's involvement with VIEs. In the six months ended June 30, 2019 GM Financial issued $10.4 billion in aggregate principal amount of securitization notes payable with an initial weighted average interest rate of 2.98% and maturity dates ranging from 2022 to 2026.

Unsecured debt consists of senior notes, credit facilities and other unsecured debt. In the six months ended June 30, 2019 GM Financial issued $5.4 billion in aggregate principal amount of senior notes with an initial weighted average interest rate of 4.20% and maturity dates ranging from 2021 to 2029.

The principal amount outstanding of GM Financial's commercial paper in the U.S. was $1.0 billion and $1.2 billion at June 30, 2019 and December 31, 2018.

Each of the revolving credit facilities and the indentures governing GM Financial's notes contain terms and covenants, including limitations on GM Financial's ability to incur certain liens.