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Debt
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Debt Debt
Automotive The following table presents debt in our automotive operations:
March 31, 2024December 31, 2023
Carrying AmountFair ValueCarrying AmountFair Value
Secured debt$116 $116$134 $132
Unsecured debt(a)15,778 15,75715,842 15,911
Finance lease liabilities433 442437 447
Total automotive debt(b)$16,327 $16,315$16,413 $16,490
Fair value utilizing Level 1 inputs$15,357$15,457
Fair value utilizing Level 2 inputs$957$1,033
Available under credit facility agreements(c)$13,536$16,446
Weighted-average interest rate on outstanding short-term debt(d)16.9 %16.2 %
Weighted-average interest rate on outstanding long-term debt(d)5.8 %5.8 %
__________
(a)Primarily consists of senior notes.
(b)Includes net discount and debt issuance costs of $505 million and $527 million at March 31, 2024 and December 31, 2023.
(c)Excludes our 364-day, $2.0 billion facility allocated for exclusive use by GM Financial.
(d)Includes coupon rates on debt denominated in various foreign currencies and interest free loans.

In March 2024, we renewed our 364-day, $2.0 billion revolving credit facility allocated for the exclusive use of GM Financial, which now matures March 27, 2025. Interest rates on obligations under the renewed credit facility are based on Term Secured Overnight Financing Rate (SOFR).

In March 2024, we terminated our unsecured 364-day delayed draw term loan credit agreement that permitted the Company to borrow up to $3.0 billion executed in November 2023, resulting in an insignificant loss.
GM Financial The following table presents debt of GM Financial:
March 31, 2024December 31, 2023
Carrying AmountFair ValueCarrying AmountFair Value
Secured debt$44,212 $43,892 $45,243 $44,971 
Unsecured debt61,698 61,430 60,084 59,651 
Total GM Financial debt$105,910 $105,322 $105,327 $104,622 
Fair value utilizing Level 2 inputs$103,049 $102,262 
Fair value utilizing Level 3 inputs$2,274 $2,360 

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 to our condensed consolidated financial statements for additional information on GM Financial's involvement with VIEs. In the three months ended March 31, 2024, GM Financial renewed revolving credit facilities with total borrowing capacity of $2.4 billion and issued $7.3 billion in aggregate principal amount of securitization notes payable with an initial weighted-average interest rate of 5.4% and maturity dates ranging from 2024 to 2036.

Unsecured debt consists of senior notes, credit facilities and other unsecured debt. In the three months ended March 31, 2024, GM Financial issued $4.4 billion in aggregate principal amount of senior notes with an initial weighted-average interest rate of 5.3% and maturity dates ranging from 2027 to 2031.