VIEs (Tables)

9 Months Ended

Sep. 30, 2026

Variable Interest Entity and Securitizations [Abstract]

Schedule of Assets and Liabilities of Consolidated VIEs

The assets and liabilities of consolidated VIEs included the following at the dates indicated:


(in millions)	September 30, 2026		December 31, 2025
Assets
Restricted cash	$	1,427	$	668

Net LHFI	13,887		21,608
Operating lease assets, net (1)	5,834		8,357
Various other assets	526		711
Total Assets	$	21,674	$	31,344
Liabilities
Notes payable	$	14,215	$	23,597
Various other liabilities	125		97
Total Liabilities	$	14,340	$	23,694

(1) As noted above, all leased vehicles are originated through a titling trust. At September 30, 2026 and December 31, 2025, $4.0 billion and $3.7 billion, respectively, of leased vehicle assets included in this amount were in a titling trust, but not in a securitization trust.

Schedule of Cash Flows Received from Consolidated Trusts

A summary of the cash flows received from the consolidated Trusts for the respective periods is as follows for the periods indicated:


	Three months ended September 30,				Nine months ended September 30,
(in millions)	2026		2025		2026		2025
Assets securitized	$	—	$	3,955	$	1,903	$	11,345

Net proceeds from new securitizations (1)	$	—	$	3,133	$	1,585	$	9,202
Net proceeds on retained bonds from new securitizations	—		519		308		1,365
Cash received for servicing fees (2)	168		255		653		718

Net distributions from Trusts (2)	1,326		1,431		3,997		4,609
Total cash received from Trusts	$	1,494	$	5,338	$	6,543	$	15,894

(1) Includes additional advances on existing securitizations.

(2) These amounts are not reflected in the SCF because the cash flows are between the VIEs and other entities included in the consolidation.

Schedule of Cash Flows Received from Trusts

A summary of cash flows received from Trusts for the respective periods is as follows for the periods indicated:


	Three months ended September 30,				Nine months ended September 30,
(in millions)	2026		2025		2026		2025
Receivables securitized (1)(2)	—		—		$	—	$	1,307

Net proceeds from new securitizations	—		—		$	—	$	175
Cash received for servicing fees	$	4	$	23	21		48
Total cash received from Trusts	$	4	$	23	$	21	$	223
(1) Represents the UPB at the time of original securitization. (2) Table excludes impacts of non-cash deconsolidation transaction referred to above.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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