v3.26.1
Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt Debt
Automotive The following table presents debt in our automotive operations:
March 31, 2026December 31, 2025
Carrying AmountFair ValueCarrying AmountFair Value
Secured debt$106 $106$164 $164
Unsecured debt(a)15,390 15,05515,468 15,434
Finance lease liabilities431 431615 614
Total automotive debt(b)$15,927 $15,592$16,247 $16,213
Fair value utilizing Level 1 inputs$14,724$15,065
Fair value utilizing Level 2 inputs$868$1,148
Available under credit facility agreements(c)$13,961$13,913
Weighted-average interest rate on outstanding short-term debt(d)5.1 %12.6 %
Weighted-average interest rate on outstanding long-term debt(d)5.8 %5.8 %
__________
(a)Primarily consists of senior notes.
(b)Includes net discount and debt issuance costs of $443 million and $445 million at March 31, 2026 and December 31, 2025.
(c)Excludes our 364-day, $2.0 billion facility allocated for exclusive use by GM Financial.
(d)Includes coupon rates on debt denominated in various foreign currencies and interest free loans.

In March 2026, we renewed our 364-day, $2.0 billion revolving credit facility allocated for the exclusive use of GM Financial, which now matures on March 22, 2027.
GM Financial The following table presents debt of GM Financial:
March 31, 2026December 31, 2025
Carrying AmountFair ValueCarrying AmountFair Value
Secured debt$46,823 $47,026 $46,904 $47,252 
Unsecured debt65,005 65,795 67,127 68,607 
Total GM Financial debt$111,827 $112,821 $114,031 $115,860 
Fair value utilizing Level 2 inputs$110,015 $113,180 
Fair value utilizing Level 3 inputs$2,806 $2,679 

Secured debt consists of revolving credit facilities and securitization notes payable. Most of the secured debt was issued by VIEs and is repayable only from proceeds related to the underlying pledged assets. Refer to Note 8 for additional information on GM Financial's involvement with VIEs. In the three months ended March 31, 2026, GM Financial renewed revolving credit facilities with total borrowing capacity of $2.5 billion and issued $4.5 billion in aggregate principal amount of securitization notes payable with an initial weighted-average interest rate of 4.18% and maturity dates ranging from 2026 to 2034.

Unsecured debt consists of senior notes, credit facilities, and other unsecured debt. In the three months ended March 31, 2026, GM Financial issued $2.0 billion in aggregate principal amount of senior notes with an initial weighted-average interest rate of 4.96% and maturity dates ranging from 2029 to 2036.