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Debt | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Debt | Debt Automotive The following table presents debt in our automotive operations:
| September 30, 2025 |  | December 31, 2024
| Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Secured debt | $ | 99 |  |  | $ | 99 |  | $ | 105 |  |  | $ | 105
Unsecured debt(a) | 15,461 |  |  | 15,359 |  | 14,980 |  |  | 14,709
Finance lease liabilities | 555 |  |  | 552 |  | 383 |  |  | 391
Total automotive debt(b) | $ | 16,114 |  |  | $ | 16,010 |  | $ | 15,467 |  |  | $ | 15,204
Fair value utilizing Level 1 inputs |  |  | $ | 15,019 |  |  |  | $ | 14,366
Fair value utilizing Level 2 inputs |  |  | $ | 990 |  |  |  | $ | 838
Available under credit facility agreements(c) |  |  | $ | 13,938 |  |  |  | $ | 13,793
Weighted-average interest rate on outstanding short-term debt(d) |  | 7.9 | % |  |  |  | 7.3 | %
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 $454 million and $439 million at September 30, 2025 and December 31, 2024. (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 2025, we renewed our five-year, $10.0 billion facility, which now matures March 25, 2030. We also renewed our three-year, $4.1 billion facility, which now matures March 25, 2028, and renewed our 364-day, $2.0 billion revolving credit facility allocated for the exclusive use of GM Financial, which now matures March 24, 2026. In May 2025, we issued $2.0 billion in aggregate principal amount of senior unsecured notes with a weighted average interest rate of 5.7% and maturity dates ranging from 2028 to 2035. The net proceeds from this offering were used for general corporate purposes, including to fund a portion of the $1.8 billion five-year term loan to Ultium Cells LLC and to refinance a portion of our senior notes. In September 2025, we exercised our option to redeem at par value the remaining $1.25 billion in aggregate principal balance of our $2.0 billion senior unsecured notes with a maturity date of October 1, 2025. GM Financial The following table presents debt of GM Financial:
| September 30, 2025 |  | December 31, 2024
| Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Secured debt | $ | 49,394 |  |  | $ | 49,733 |  |  | $ | 49,573 |  |  | $ | 49,753 |
Unsecured debt | 66,994 |  |  | 68,212 |  |  | 64,691 |  |  | 65,258 |
Total GM Financial debt | $ | 116,389 |  |  | $ | 117,945 |  |  | $ | 114,264 |  |  | $ | 115,010 |
Fair value utilizing Level 2 inputs |  |  | $ | 115,371 |  |  |  |  | $ | 112,941 |
Fair value utilizing Level 3 inputs |  |  | $ | 2,575 |  |  |  |  | $ | 2,070 |
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 9 for additional information on GM Financial's involvement with VIEs. In the nine months ended September 30, 2025, GM Financial renewed revolving credit facilities with total borrowing capacity of $19.3 billion and issued $17.4 billion in aggregate principal amount of securitization notes payable with an initial weighted-average interest rate of 4.75% and maturity dates ranging from 2027 to 2037. Unsecured debt consists of senior notes, credit facilities and other unsecured debt. In the nine months ended September 30, 2025, GM Financial issued $9.2 billion in aggregate principal amount of senior notes with an initial weighted-average interest rate of 5.20% and maturity dates ranging from 2027 to 2035.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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