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Debt
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Debt Debt
Automotive The following table presents debt in our automotive operations:
September 30, 2025December 31, 2024
Carrying AmountFair ValueCarrying AmountFair Value
Secured debt$99 $99$105 $105
Unsecured debt(a)15,461 15,35914,980 14,709
Finance lease liabilities555 552383 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, 2025December 31, 2024
Carrying AmountFair ValueCarrying AmountFair Value
Secured debt$49,394 $49,733 $49,573 $49,753 
Unsecured debt66,994 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.