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TRANSFERS OF RECEIVABLES AND VARIABLE INTEREST ENTITIES (Tables)
 12 Months Ended
Dec. 31, 2025
Transfers and Servicing [Abstract]  
Schedule of Assets and Liabilities Related to Securitization Transactions
Most of our securitization transactions utilize VIEs. The following tables show the assets and debt related to our securitization transactions that were included in our consolidated financial statements at December 31 (in billions):
2024
Cash and Cash EquivalentsFinance Receivables and Net Investment in Operating Leases (a)Related Debt
(c)
Before Allowance
for Credit Losses		Allowance for
Credit Losses		After Allowance
for Credit Losses
VIE (b)
Retail financing $1.7 $37.0 $(0.3)$36.7 $31.6 
Wholesale financing0.3 24.0 — 24.0 10.8 
Finance receivables2.0 61.0 (0.3)60.7 42.4 
Net investment in operating leases0.5 13.3 — 13.3 8.5 
Total VIE$2.5 $74.3 $(0.3)$74.0 $50.9 
Non-VIE
Retail financing$0.5 $10.6 $(0.1)$10.5 $9.3 
Wholesale financing— 0.4 — 0.4 0.2 
Finance receivables0.5 11.0 (0.1)10.9 9.5 
Net investment in operating leases— — — — — 
Total Non-VIE$0.5 $11.0 $(0.1)$10.9 $9.5 
Total securitization transactions
Retail financing$2.2 $47.6 $(0.4)$47.2 $40.9 
Wholesale financing 0.3 24.4 — 24.4 11.0 
Finance receivables2.5 72.0 (0.4)71.6 51.9 
Net investment in operating leases0.5 13.3 — 13.3 8.5 
Total securitization transactions$3.0 $85.3 $(0.4)$84.9 $60.4 
__________
(a)Unearned interest supplements and residual support are excluded from securitization transactions.
(b)Includes assets to be used to settle the liabilities of the consolidated VIEs.
(c)Includes unamortized discount and debt issuance costs.
NOTE 6. TRANSFERS OF RECEIVABLES AND VARIABLE INTEREST ENTITIES (Continued)

2025
Cash and Cash EquivalentsFinance Receivables and Net Investment in Operating Leases (a)Related Debt
(c)
Before Allowance
for Credit Losses		Allowance for
Credit Losses		After Allowance
for Credit Losses
VIE (b)
Retail financing$1.7 $36.2 $(0.3)$35.9 $29.9 
Wholesale financing0.2 19.9 — 19.9 13.5 
Finance receivables1.9 56.1 (0.3)55.8 43.4 
Net investment in operating leases0.6 13.6 — 13.6 8.7 
Total VIE$2.5 $69.7 $(0.3)$69.4 $52.1 
Non-VIE
Retail financing$0.4 $7.6 $(0.1)$7.5 $7.0 
Wholesale financing— 0.4 — 0.4 0.4 
Finance receivables0.4 8.0 (0.1)7.9 7.4 
Net investment in operating leases— — — — — 
Total Non-VIE$0.4 $8.0 $(0.1)$7.9 $7.4 
Total securitization transactions
Retail financing$2.1 $43.8 $(0.4)$43.4 $36.9 
Wholesale financing0.2 20.3 — 20.3 13.9 
Finance receivables2.3 64.1 (0.4)63.7 50.8 
Net investment in operating leases0.6 13.6 — 13.6 8.7 
Total securitization transactions$2.9 $77.7 $(0.4)$77.3 $59.5 
__________
(a)Unearned interest supplements and residual support are excluded from securitization transactions.
(b)Includes assets to be used to settle the liabilities of the consolidated VIEs.
(c)Includes unamortized discount and debt issuance costs.
Schedule of Interest Expense Related to Securitization Debt
Interest expense related to securitization debt for the years ended December 31 was as follows (in millions):
202320242025
VIE$1,872 $2,165 $2,027 
Non-VIE591 610 466 
Total securitization transactions$2,463 $2,775 $2,493 
Schedule of Exposures Based on the Fair Value of Derivative Instruments Related to Securitization Programs Our exposures based on the fair value of derivative instruments with external counterparties related to securitization programs at December 31 were as follows (in millions):
20242025
Derivative
Asset		Derivative
Liability		Derivative
Asset		Derivative
Liability
Derivatives of the VIEs$34 $100 $21 $40 
Derivatives related to the VIEs29 32 8 23 
Other securitization related derivatives39 27 1 40 
Total exposures related to securitization$102 $159 $30 $103 
Schedule of Derivative Expense/(Income) Related to Securitization Transactions
Derivative expense/(income) related to our securitization transactions for the years ended December 31 was as follows (in millions):
202320242025
Derivatives of the VIEs$25 $14 $(9)
Derivatives related to the VIEs(38)12 26 
Other securitization related derivatives(26)(82)19 
Total derivative expense/(income) related to securitization$(39)$(56)$36