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Equipment on Operating Leases
 9 Months Ended
Sep. 30, 2025
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Abstract]  
Equipment on Operating Leases Equipment on Operating Leases
Equipment on operating leases consists of leases to retail customers of GM Financial.
September 30, 2025December 31, 2024
Equipment on operating leases$40,283 $38,187 
Less: accumulated depreciation(6,674)(6,601)
Equipment on operating leases, net$33,609 $31,586 

The estimated residual value of our leased assets at the end of the lease term was $25.0 billion and $23.5 billion at September 30, 2025 and December 31, 2024.

Depreciation expense related to Equipment on operating leases, net was $1.2 billion in the three months ended September 30, 2025 and 2024 and $3.7 billion and $3.6 billion in the nine months ended September 30, 2025 and 2024.

As of September 30, 2025, GM Financial had a $2.1 billion purchase commitment to acquire EVs from dealers through June 30, 2026.

The following table summarizes lease payments due to GM Financial on leases to retail customers:
Years Ending December 31,
20252026202720282029ThereafterTotal
Lease receipts under operating leases$1,520 $5,055 $2,885 $834 $73 $1 $10,367