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 (in billions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Cash and Cash Equivalents | | Finance 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 financing | 0.2 | | | 19.9 | | | — | | | 19.9 | | | 13.5 | | | Finance receivables | 1.9 | | | 56.1 | | | (0.3) | | | 55.8 | | | 43.4 | | | Net investment in operating leases | 0.6 | | | 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 receivables | 0.4 | | | 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 financing | 0.2 | | | 20.3 | | | — | | | 20.3 | | | 13.9 | | | Finance receivables | 2.3 | | | 64.1 | | | (0.4) | | | 63.7 | | | 50.8 | | | Net investment in operating leases | 0.6 | | | 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. NOTE 6. TRANSFERS OF RECEIVABLES AND VARIABLE INTEREST ENTITIES (Continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2026 | | Cash and Cash Equivalents | | Finance 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 | | | $ | 38.1 | | | $ | (0.4) | | | $ | 37.7 | | | $ | 32.2 | | | Wholesale financing | 0.2 | | | 20.0 | | | — | | | 20.0 | | | 10.4 | | | Finance receivables | 1.9 | | | 58.1 | | | (0.4) | | | 57.7 | | | 42.6 | | | Net investment in operating leases | 0.6 | | | 13.5 | | | — | | | 13.5 | | | 8.6 | | | Total VIE | $ | 2.5 | | | $ | 71.6 | | | $ | (0.4) | | | $ | 71.2 | | | $ | 51.2 | | | | | | | | | | | | | Non-VIE | | | | | | | | | | | Retail financing | $ | 0.3 | | | $ | 6.8 | | | $ | (0.1) | | | $ | 6.7 | | | $ | 6.3 | | | Wholesale financing | — | | | 0.3 | | | — | | | 0.3 | | | 0.2 | | | Finance receivables | 0.3 | | | 7.1 | | | (0.1) | | | 7.0 | | | 6.5 | | | Net investment in operating leases | — | | | — | | | — | | | — | | | — | | | Total Non-VIE | $ | 0.3 | | | $ | 7.1 | | | $ | (0.1) | | | $ | 7.0 | | | $ | 6.5 | | | | | | | | | | | | | Total securitization transactions | | | | | | | | | | | Retail financing | $ | 2.0 | | | $ | 44.9 | | | $ | (0.5) | | | $ | 44.4 | | | $ | 38.5 | | | Wholesale financing | 0.2 | | | 20.3 | | | — | | | 20.3 | | | 10.6 | | | Finance receivables | 2.2 | | | 65.2 | | | (0.5) | | | 64.7 | | | 49.1 | | | Net investment in operating leases | 0.6 | | | 13.5 | | | — | | | 13.5 | | | 8.6 | | | Total securitization transactions | $ | 2.8 | | | $ | 78.7 | | | $ | (0.5) | | | $ | 78.2 | | | $ | 57.7 | |
__________ (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.
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