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Debt Under Vehicle Programs and Borrowing Arrangements | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Debt Under Vehicle Programs and Borrowing Arrangements | Debt Under Vehicle Programs and Borrowing Arrangements Debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding (AESOP) LLC (“Avis Budget Rental Car Funding”), consisted of:
| As of |  | As of
| September 30, |  | December 31,
| 2025 |  | 2024
Americas - Debt due to Avis Budget Rental Car Funding (a) | $ | 14,952 |  |  | $ | 14,143 |
Americas - Debt borrowings (b) | 1,276 |  |  | 1,160 |
International - Debt borrowings | 2,967 |  |  | 2,159 |
International - Finance leases | 141 |  |  | 143 |
Other | — |  |  | 8 |
Deferred financing fees (c) | (74) |  |  | (77) |
Total | $ | 19,262 |  |  | $ | 17,536 |
__________ (a)Includes approximately $814 million and $751 million of Class R notes as of September 30, 2025 and December 31, 2024, respectively, which are held by us. (b)Includes our Repurchase Facilities. (c)Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of September 30, 2025 and December 31, 2024 were $58 million and $60 million, respectively. The following table provi des a summary of debt issued by Avis Budget Rental Car Funding during the nine months ended September 30, 2025:
Issuance Date |  | Maturity Date |  | Weighted Average Interest Rate |  | Amount Issued
January 2025 |  | August 2027 |  | 7.31 | % |  | $ | 41 |
January 2025 |  | April 2028 |  | 7.59 | % |  | 75 |
January 2025 |  | June 2028 |  | 7.31 | % |  | 75 |
January 2025 |  | December 2028 |  | 7.37 | % |  | 72 |
January 2025 |  | February 2029 |  | 7.52 | % |  | 95 |
May 2025 |  | August 2028 |  | 4.94 | % |  | 250 |
May 2025 |  | August 2030 |  | 5.26 | % |  | 400 |
September 2025 |  | February 2029 |  | 4.27 | % |  | 250 |
September 2025 |  | February 2031 |  | 4.52 | % |  | 450 |
|  |  |  | 5.33 | % |  | $ | 1,708 |
In September 2025, we entered into an additional repurchase agreement. We have two repurchase agreements (the “Repurchase Facilities”), whereby we may sell our Class D notes issued by Avis Budget Rental Car Funding to the Repurchase Facilities’ counterparty and repurchase such notes. Transactions under the first Repurchase Facility currently have a one-month tenor and may be extended thereafter at our discretion. In March 2025, we extended the maturity of certain transactions under the first Repurchase Facility from March 2025 to June 2025. Beginning with the extension in June 2025 to July 2025, transactions under the first Repurchase Facility began a one-month tenor, with a current maturity date of November 2025. Each period we extended the maturity, we simultaneously repriced the interest rate on these transactions. As of September 30, 2025, $112 million was outstanding under the first Repurchase Facility, which bears interest at a rate of 6.16%. Transactions under the second Repurchase Facility currently have a three-month tenor and may be extended thereafter at our discretion. As of September 30, 2025, $66 million was outstanding under the second Repurchase Facility, which bears interest at a rate of 5.10%. As of September 30, 2025, we had $273 million of securities pledged as collateral f or the Repurchase Facilities, included within investment in Avis Budget Rental Car Funding (AESOP) LLC—related party on our Condensed Consolidated Balance Sheets. Debt Maturities The following table provides the contractual maturities of our debt under vehicle programs, including related party debt due to Avis Budget Rental Car Funding, as of September 30, 2025:
| Debt under Vehicle Programs (a)
Within 1 year (b) | $ | 4,018 |
Between 1 and 2 years (c) | 8,169 |
Between 2 and 3 years (d) | 2,911 |
Between 3 and 4 years | 2,912 |
Between 4 and 5 years | 962 |
Thereafter | 364 |
Total | $ | 19,336 |
__________ (a) Vehicle-backed debt primarily represents asset-backed securities. (b) Includes $0.6 billion of bank and bank-sponsored facilities. These short-term borrowings have a weighted average interest rate of 4.52% as of September 30, 2025. (c) Includes $4.4 billion of bank and bank-sponsored facilities. (d) Includes $0.1 billion of bank and bank-sponsored facilities. Committed Credit Facilities and Available Funding Arrangements The following table presents available funding under our debt arrangements related to our vehicle programs, including related party debt due to Avis Budget Rental Car Funding, as of September 30, 2025:
| Total Capacity (a) |  | Outstanding Borrowings (b) |  | Available Capacity
Americas - Debt due to Avis Budget Rental Car Funding | $ | 16,187 |  |  | $ | 14,952 |  |  | $ | 1,235 |
Americas - Debt borrowings | 1,561 |  |  | 1,276 |  |  | 285 |
International - Debt borrowings | 3,359 |  |  | 2,967 |  |  | 392 |
International - Finance leases | 163 |  |  | 141 |  |  | 22 |
Total | $ | 21,270 |  |  | $ | 19,336 |  |  | $ | 1,934 |
__________ (a)Capacity is subject to maintaining sufficient assets to collateralize debt. The total capacity for Americas - Debt due to Avis Budget Rental Car Funding includes increases from our asset-backed variable-funding financing facilities. These facilities were most recently amended and restated in April 2025. (b)The outstanding debt is collateralized by vehicles and related assets of $15.9 billion for Americas - Debt due to Avis Budget Rental Car Funding; $1.7 billion for Americas - Debt borrowings; $3.8 billion for International - Debt borrowings; and $0.2 billion for International - Finance leases. Debt Covenants The agreements under our vehicle-backed funding programs contain restrictive covenants, including restrictions on dividends paid to us by certain of our subsidiaries and restrictions on indebtedness, mergers, liens, liquidations, and sale and leaseback transactions and in some cases also require compliance with certain financial requirements. As of September 30, 2025, we are not aware of any instances of non-compliance with any of the financial or restrictive covenants contained in the debt agreements under our vehicle-backed funding programs.

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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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