v3.25.3
Vehicle Rental Activities
 9 Months Ended
Sep. 30, 2025
Property, Plant and Equipment [Abstract]  
Vehicle Rental Activities Vehicle Rental Activities
The components of vehicles, net within assets under vehicle programs are as follows: 
As ofAs of
September 30,December 31,
20252024
Rental vehicles$22,020 $20,094 
Less: Accumulated depreciation(2,928)(3,143)
19,092 16,951 
Vehicles held for sale448 594 
Vehicles, net investment in lease (a)
100 74 
Vehicles, net$19,640 $17,619 
__________
(a)See Note 14 – Related Party Transactions.

The components of vehicle depreciation and lease charges, net are summarized below:
 Three Months Ended 
September 30,		Nine Months Ended 
September 30,
2025202420252024
Depreciation expense$675 $723 $2,025 $1,940 
Lease charges34 41 95 115 
(Gain) loss on sale of vehicles, net (a)
(31)42 249 120 
Vehicle depreciation and lease charges, net$678 $806 $2,369 $2,175 
__________
(a)For the nine months ended September 30, 2025, includes other fleet charges of $390 million related to the accelerated disposal of certain fleet in our Americas reportable segment. These costs relate to vehicles that were not included in the long-lived asset impairment and other related charges recorded in 2024.
As of September 30, 2025 and 2024, we had payables related to vehicle purchases included in liabilities under vehicle programs - other of $216 million and $152 million, respectively, and receivables related to vehicle sales included in assets under vehicle programs - receivables from vehicle manufacturers and other of $486 million and $284 million, respectively.