The following is a summary of our debt and finance leases as of September 30, 2022 (in millions):


					Unpaid		Unused
	Net Carrying Value				Principal		Committed		Contractual		Contractual
	Current		Long-Term		Balance		Amount (1)		Interest Rates		Maturity Date
Recourse debt:
2024 Notes	$	—	$	44	$	45	$	—	2.00	%	May 2024
Credit Agreement		—		—		—		2,266	Not applicable		July 2023
Solar Bonds		—		7		7		—	4.70-5.75	%	March 2025-January 2031
Total recourse debt		—		51		52		2,266
Non-recourse debt:
Automotive Asset-backed Notes		949		972		1,927		—	0.36-5.48	%	December 2022-September 2025
Solar Asset-backed Notes		4		14		18		—	4.80	%	December 2026
Cash Equity Debt		26		370		406		—	5.25-5.81	%	July 2033-January 2035
Automotive Lease-backed Credit Facilities		—		—		—		139	Not applicable		September 2024
Other Loans		—		11		11		—	5.10	%	February 2033
Total non-recourse debt		979		1,367		2,362		139
Total debt		979		1,418	$	2,414	$	2,405
Finance leases		478		678
Total debt and finance leases	$	1,457	$	2,096

The following is a summary of our debt and finance leases as of December 31, 2021 (in millions):


						Unpaid		Unused
	Net Carrying Value					Principal		Committed		Contractual		Contractual
	Current			Long-Term		Balance		Amount (1)		Interest Rates		Maturity Date
Recourse debt:
2022 Notes	$		29	$	—	$	29	$	—	2.375	%	March 2022
2024 Notes			1		89		91		—	2.00	%	May 2024
Credit Agreement			—		1,250		1,250		920	3.25	%	July 2023
Solar Bonds		0			7		7		—	4.00-5.75	%	January 2022-January 2031
Total recourse debt			30		1,346		1,377		920
Non-recourse debt:
Automotive Asset-backed Notes			1,007		1,706		2,723		—	0.12%-5.48	%	September 2022-September 2025
Solar Asset and Loan-backed Notes			27		800		844		—	2.87%-7.74	%	September 2024-September 2049
Cash Equity Debt			24		388		422		—	5.25-5.81	%	July 2033-January 2035
Automotive Lease-backed Credit Facilities			—		—		—		167	Not applicable		September 2023
Other Loans			—		14		14		21	5.10	%	February 2033
Total non-recourse debt			1,058		2,908		4,003		188
Total debt			1,088		4,254	$	5,380	$	1,108
Finance leases			501		991
Total debt and finance leases	$		1,589	$	5,245

(1)

There are no restrictions on draw-down or use for general corporate purposes with respect to any available committed funds under our credit facilities, except certain specified conditions prior to draw-down, including pledging to our lenders sufficient amounts of qualified receivables, inventories, leased vehicles and our interests in those leases or various other assets and as may be described below and in the notes to the consolidated financial statements included in our report on Form 10-K for the year ended December 31, 2021.

Recourse debt refers to debt that is recourse to our general assets. Non-recourse debt refers to debt that is recourse to only assets of our subsidiaries. The differences between the unpaid principal balances and the net carrying values are due to debt discounts or deferred financing costs. As of September 30, 2022, we were in material compliance with all financial debt covenants.

During each of the first three quarters of 2022, the closing price of our common stock continued to exceed 130% of the applicable conversion price of our 2024 Notes on at least 20 of the last 30 consecutive trading days of the quarter, causing the 2024 Notes to be convertible by their holders during the second, third and fourth quarters of 2022. Should the closing price conditions continue to be met in a future quarter for the 2024 Notes, the 2024 Notes will be convertible at their holders’ option during the immediately following quarter.

During the nine months ended September 30, 2022, $29 million and $46 million in aggregate principal amount of the 2022 Notes and 2024 Notes, respectively, were converted and settled in cash for their par amount, and the issuance of 1.2 million and 2.1 million shares of our common stock for the applicable conversion premium, respectively, as adjusted to give effect to the 2022 Stock Split. The note hedges we entered into in connection with the issuance of the 2022 Notes and 2024 Notes were automatically settled with the respective conversions of the 2022 Notes and 2024 Notes, resulting in the receipt of 1.2 million and 2.1 million shares of our common stock, respectively, as adjusted to give effect to the 2022 Stock Split. In March 2022, the 2022 Notes were fully settled. Additionally, during the nine months ended September 30, 2022, we fully settled the warrants entered into in connection with the issuance of the 2022 Notes, resulting in the issuance of 37.0 million shares of our common stock, as adjusted to give effect to the 2022 Stock Split.

As adjusted to give effect to the 2022 Stock Split, each $1,000 of principal of the 2024 Notes is now convertible into 48.4140 shares of our common stock, which is equivalent to a conversion price of approximately $20.66 per share. Under the note hedge transactions we entered in connection with the issuance of the 2024 Notes, we had the option to purchase 89.1 million shares at approximately $20.66 per share, as adjusted to give effect to the 2022 Stock Split. Additionally, in connection with the issuance of the 2024 Notes, we sold warrants whereby the holders of the warrants had the option to purchase 89.1 million shares at approximately $40.50 per share, as adjusted to give effect to the 2022 Stock Split. Taken together, the purchase of the convertible note hedges and the sale of the warrants are intended to effectively increase the overall conversion price from approximately $20.66 per share to approximately $40.50 per share.

During the nine months ended September 30, 2022, we early repaid $819 million in aggregate principal of the Solar Asset and Loan-backed Notes and recorded an extinguishment of debt charge of $24 million related to the early repayments in Interest expense in the consolidated statement of operations.