v3.26.1
Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt Debt
The following is a summary of our debt and finance leases as of June 30, 2026 (in millions):
 Net Carrying ValueUnpaid
Principal
Balance		Unused
Committed
Amount (1)		Contractual
Interest Rates		Contractual
Maturity Date
 CurrentLong-Term
Recourse debt: 
RCF Credit Agreement$— $— $— $5,000 
Not applicable
January 2028
Other— 2 2 — 
5.45-5.75%
March 2030-January 2031
Total recourse debt— 2 2 5,000 
Non-recourse debt:
Automotive Asset-backed Notes1,240 1,121 2,366 — 
2.82-5.82%
June 2027-June 2035
China Working Capital Facility— 5,888 5,888 — 
2.01-2.11%
September 2026-March 2027 (2)
Energy Asset-backed Notes90 610 708 — 
5.08-6.35%
June 2050-May 2052
Cash Equity Debt10 100 116 — 
5.25%
July 2034
Total non-recourse debt1,340 7,719 9,078 — 
Total debt1,340 7,721 $9,080 $5,000 
Finance leases78 203 
Total debt and finance leases$1,418 $7,924 
The following is a summary of our debt and finance leases as of December 31, 2025 (in millions):
Net Carrying ValueUnpaid
Principal
Balance		Unused
Committed
Amount (1)		Contractual
Interest Rates		Contractual
Maturity Date
CurrentLong-Term
Recourse debt: 
RCF Credit Agreement$— $— $— $5,000 Not applicableJanuary 2028
Other1 2 3 — 
4.70-5.75%
January 2026-January 2031
Total recourse debt1 2 3 5,000 
Non-recourse debt:
Automotive Asset-backed Notes1,492 1,745 3,249 — 
2.47-6.57%
October 2026-June 2035
China Working Capital Facility— 4,288 4,288 1,429 
2.01-2.11%
March 2026-December 2026 (2)
Energy Asset-backed Notes55 337 397 — 
5.08-6.25%
June 2050
Cash Equity Debt21 212 240 — 
5.25-5.81%
July 2034-January 2035
Total non-recourse debt1,568 6,582 8,174 1,429 
Total debt1,569 6,584 $8,177 $6,429 
Finance leases71 152 
Total debt and finance leases$1,640 $6,736 
(1)Refer to the notes to the consolidated financial statements included in our reporting on Form 10-K for the year ended December 31, 2025 for restrictions on draw-down or use for general corporate purposes with respect to any available committed funds under our debt facilities, as applicable.
(2)As we have the intent and ability to refinance the loan on a long-term basis, we classify it as Debt and finance leases, net of current portion in the consolidated balance sheets.
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 issuance costs. As of June 30, 2026, we were in material compliance with all financial debt covenants.
Warehouse Agreement
In the first quarter of 2026, we entered into an uncommitted revolving Loan and Security Agreement (the "Warehouse Agreement") with a syndicate of banks. Under the Warehouse Agreement, we may borrow up to $1.50 billion in total principal amount which is secured by certain financing receivables and/or beneficial interests related to certain leased vehicles. Subject to extension in accordance with the terms of the Warehouse Agreement, the ability to draw under the Warehouse Agreement expires in March 2027, and the maturity date for borrowings is the earlier of the end of the underlying lease and loan terms or March 2034. Amounts drawn under the Warehouse Agreement bear interest at a rate equal to SOFR plus 0.65% to 1.00%. As of June 30, 2026, we have no borrowings outstanding under the Warehouse Agreement.
We are subject to certain conditions and limitations, including advance rate limits, a required reserve account, various performance triggers and excess concentration limits.
Energy Asset-backed Notes
In the second quarter of 2026, we transferred certain financing receivables into a special purpose entity (“SPE”) and issued $348 million in aggregate principal amount of Energy Asset-backed Notes, backed by these financing receivables. The proceeds from issuance, net of debt issuance costs, were $344 million. The SPE is wholly owned by us and is consolidated in the financial statements. The cash flows generated by these financing receivables are used to service the principal and interest payments on the Energy Asset-backed Notes and satisfy the SPE’s expenses, and any remaining cash is distributed to us. The SPE’s assets and cash flows are not available to our other creditors, and the creditors of the SPE, including the Energy Asset-backed Note holders, have no recourse to our other assets.