v3.25.2
Debt Under Vehicle Programs and Borrowing Arrangements
 6 Months Ended
Jun. 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 ofAs of
June 30,December 31,
20252024
Americas - Debt due to Avis Budget Rental Car Funding (a)
$15,585 $14,143 
Americas - Debt borrowings (b)
1,334 1,160 
International - Debt borrowings2,905 2,159 
International - Finance leases 164 143 
Other— 8 
Deferred financing fees (c)
(74)(77)
Total$19,914 $17,536 
__________
(a)Includes approximately $855 million and $751 million of Class R notes as of June 30, 2025 and December 31, 2024, respectively, which are held by us.
(b)Includes our Repurchase Facility.
(c)Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of June 30, 2025 and December 31, 2024 were $58 million and $60 million, respectively.

The following table provides a summary of debt issued by Avis Budget Rental Car Funding during the six months ended June 30, 2025:
Issuance DateMaturity DateWeighted Average
Interest Rate		Amount
Issued
January 2025August 20277.31 %$41 
January 2025April 20287.59 %75 
January 2025June 20287.31 %75 
January 2025December 20287.37 %72 
January 2025February 20297.52 %95 
May 2025August 20284.94 %250 
May 2025August 20305.26 %400 
5.95 %$1,008 

We have a repurchase agreement (the “Repurchase Facility”), whereby we may sell our Class D notes issued by Avis Budget Rental Car Funding to the Repurchase Facility counterparty and repurchase such notes. Transactions under the 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 Repurchase Facility from March 2025 to June 2025, and we simultaneously amended the interest rate on these transactions. Further, in June 2025, we extended the maturity of certain transactions under the Repurchase Facility to July 2025, and we simultaneously amended the interest rate on these transactions. As of June 30, 2025, $117 million was outstanding under the Repurchase Facility, which bears interest at a rate of 6.33%. As of June 30, 2025, we had $195 million of securities pledged as collateral for the Repurchase Facility, 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 June 30, 2025:
 
Debt under Vehicle Programs (a)
Within 1 year (b)
$3,866 
Between 1 and 2 years (c)
8,867 
Between 2 and 3 years
2,959 
Between 3 and 4 years (d)
2,976 
Between 4 and 5 years
1,024 
Thereafter296 
Total$19,988 
__________
(a)    Vehicle-backed debt primarily represents asset-backed securities.
(b)    Includes $0.7 billion of bank and bank-sponsored facilities. These short-term borrowings have a weighted average interest rate of 4.58% as of June 30, 2025.
(c)    Includes $5.2 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 June 30, 2025:

Total
Capacity (a)
Outstanding
Borrowings (b)
Available
Capacity
Americas - Debt due to Avis Budget Rental Car Funding$16,625 $15,585 $1,040 
Americas - Debt borrowings1,614 1,334 280 
International - Debt borrowings3,275 2,905 370 
International - Finance leases164 164 — 
Total$21,678 $19,988 $1,690 
__________
(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 $16.2 billion for Americas - Debt due to Avis Budget Rental Car Funding; $1.7 billion for Americas - Debt borrowings; $3.4 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 June 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.