v3.26.1
Debt Under Vehicle Programs and Borrowing Arrangements
 6 Months Ended
Jun. 30, 2026
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,
20262025
Americas - Debt due to Avis Budget Rental Car Funding (a)
$14,489 $14,447 
Americas - Debt borrowings (b)
2,232 2,202 
International - Debt borrowings (c)
3,055 2,480 
International - Finance leases 155 130 
Other— — 
Deferred financing fees (d)
(81)(71)
Total$19,850 $19,188 
__________
(a)Includes approximately $780 million and $826 million of Class R notes as of June 30, 2026 and December 31, 2025, respectively, which are held by us.
(b)Includes our Repurchase Facilities and $694 million and $965 million associated with the Interpace Ventures transaction as of June 30, 2026 and December 31, 2025, respectively. See Note 1 – Basis of Presentation.
(c)In February 2026, we amended our European rental fleet securitization program to increase its capacity to approximately €2.1 billion and £250 million and extended the maturity of the program to February 2029.
(d)Deferred financing fees related to Debt due to Avis Budget Rental Car Funding as of June 30, 2026 and December 31, 2025 were $53 million and $51 million, respectively.
The following table provides a summary of debt issued by Avis Budget Rental Car Funding during the six months ended June 30, 2026:
Issuance DateMaturity DateWeighted Average
Interest Rate		Amount
Issued
March 2026
(a)
August 20276.36 %$90 
March 2026
(a)
June 20297.20 %164 
March 2026August 20294.62 %384 
March 2026August 20314.98 %284 
June 2026April 20305.14 %250 
June 2026December 20315.46 %400 
5.35 %$1,572 
__________ 
(a)In March 2026, Avis Budget Rental Car Funding issued additional notes under several previously outstanding series of debt.

We entered into several repurchase agreements (the “Repurchase Facilities”) pursuant to which we may sell certain of our Class D notes issued by our wholly-owned subsidiary, Avis Budget Rental Car Funding (AESOP) LLC, to the Repurchase Facility’s respective counterparty and repurchase such notes at a later date and subject to certain conditions set forth in the applicable Repurchase Facility. Transactions under the Repurchase Facilities may be extended at our sole discretion and the interest rate for such Repurchase Facility is simultaneously repriced in connection with such extensions.

The following table provides a summary of the Repurchase Facilities as of June 30, 2026:

Maturity DateInterest RateTenorAmount Outstanding
August 20264.74 %3 months$39 
September 20264.84 %3 months25 
September 20264.84 %3 months39 
September 20264.76 %3 months24 
September 20264.76 %3 months42 
September 20265.70 %3 months86 
$255 
As of June 30, 2026, we had $326 million of securities pledged as collateral for the Repurchase Facilities, 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, 2026:
 
Debt under Vehicle Programs (a)
Within 1 year (b)
$4,700 
Between 1 and 2 years (c)
5,317 
Between 2 and 3 years (d)
6,597 
Between 3 and 4 years
1,639 
Between 4 and 5 years
911 
Thereafter767 
Total$19,931 
__________
(a)    Vehicle-backed debt primarily represents asset-backed securities.
(b)    Includes $0.8 billion of bank and bank-sponsored facilities. These short-term borrowings have a weighted average interest rate of 4.81% as of June 30, 2026.
(c)    Includes $2.4 billion of bank and bank-sponsored facilities.
(d)    Includes $2.8 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, 2026:

Total
Capacity (a)
Outstanding
Borrowings (b)
Available
Capacity
Americas - Debt due to Avis Budget Rental Car Funding$15,831 $14,489 $1,342 
Americas - Debt borrowings2,349 2,232 117 
International - Debt borrowings3,463 3,055 408 
International - Finance leases155 155 — 
Total$21,798 $19,931 $1,867 
__________
(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 extended in April 2026.
(b)The outstanding debt is collateralized by vehicles and related assets of $14.6 billion for Americas - Debt due to Avis Budget Rental Car Funding; $2.5 billion for Americas - Debt borrowings; $3.7 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, 2026, 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.