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Equipment on Operating Leases
 3 Months Ended
Mar. 31, 2021
Vehicles  
Lessor, Lease, Description [Line Items]  
Equipment on Operating Leases Equipment on Operating Leases
Equipment on operating leases consists of leases to retail customers of GM Financial.
March 31, 2021December 31, 2020
Equipment on operating leases$50,286 $50,000 
Less: accumulated depreciation(9,943)(10,181)
Equipment on operating leases, net$40,343 $39,819 
The estimated residual value of our leased assets at the end of the lease term was $29.8 billion and $29.2 billion at March 31, 2021 and December 31, 2020.

Depreciation expense related to Equipment on operating leases, net was $1.7 billion and $1.8 billion in the three months ended March 31, 2021 and 2020.

The following table summarizes lease payments due to GM Financial on leases to retail customers:
Year Ending December 31,
20212022202320242025ThereafterTotal
Lease receipts under operating leases$4,824 $4,420 $2,049 $254 $7 $— $11,554