Debt

9 Months Ended

Sep. 30, 2019

Automotive The following table presents debt in our automotive operations:



	September 30, 2019				December 31, 2018
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Automotive debt	$	14,993	$	16,018	$	13,435	$	12,700
Finance lease liabilities	345		571		528		831
Total automotive debt	$	15,338	$	16,589	$	13,963	$	13,531
Fair value utilizing Level 1 inputs			$	13,335			$	11,693
Fair value utilizing Level 2 inputs			$	3,254			$	1,838

Finance lease assets in Property, net were $370 million at September 30, 2019. Finance lease costs were insignificant and $128 million in the three and nine months ended September 30, 2019. Finance lease right of use assets obtained in exchange for lease obligations were $140 million in the nine months ended September 30, 2019. Undiscounted future lease obligations related to finance leases are $108 million in the three months ending December 31, 2019, $196 million in aggregate for the years 2020 to 2023 and $372 million thereafter, with imputed interest of $331 million at September 30, 2019. The weighted-average discount rate on finance leases was 10.5% and the weighted-average remaining lease term was 12.0 years at September 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 being used to fund costs related to transformation activities announced in November 2018 and to provide additional financial flexibility. In the nine months ended September 30, 2019 we borrowed $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.

GM Financial The following table presents debt of GM Financial:



	September 30, 2019				December 31, 2018
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Secured debt	$	39,029	$	39,265	$	42,835	$	42,835
Unsecured debt	50,099		50,954		48,153		47,556
Total GM Financial debt	$	89,128	$	90,219	$	90,988	$	90,391

Fair value utilizing Level 2 inputs			$	88,388			$	88,305
Fair value utilizing Level 3 inputs			$	1,831			$	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 nine months ended September 30, 2019, GM Financial entered into new or renewed credit facilities with a total net additional borrowing capacity of $225 million, which had substantially the same terms as existing debt, and GM Financial issued $14.2 billion in aggregate principal amount of securitization notes payable with an initial weighted average interest rate of 2.83% and maturity dates ranging from 2022 to 2026.

Unsecured debt consists of senior notes, credit facilities and other unsecured debt. In the nine months ended September 30, 2019, GM Financial issued $6.5 billion in aggregate principal amount of senior notes with an initial weighted average interest rate of 3.65% 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 September 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.