Leased Vehicles

Our operating lease program is offered primarily in the North America Segment. As of March 31, 2014, the amount of leased vehicles accounted for as operating leases in the International Segment is insignificant; therefore, the following information regarding our leased vehicles is presented on a consolidated basis.

Following is a summary of our leased vehicles (in millions):



	March 31, 2014			December 31, 2013
Leased vehicles	$	5,189		$	4,684
Manufacturer incentives	(733		)	(659		)
	4,456			4,025
Less: accumulated depreciation	(730		)	(642		)
Leased vehicles, net	$	3,726		$	3,383

A summary of the changes in our leased vehicles is as follows (in millions):



	Three Months Ended March 31,
	2014			2013
Balance at beginning of period	$	4,025		$	1,976
Leased vehicles purchased	773			620
Leased vehicles returned - end of term	(208		)	(52		)
Leased vehicles returned - default	(11		)	(4		)
Manufacturer incentives	(80		)	(82		)
Foreign currency translation	(43		)	(14		)
Balance at end of period	$	4,456		$	2,444

As of March 31, 2014 and December 31, 2013, our Canada subsidiary was servicing $241 million and $303 million of leased vehicles for a third party.

The following table summarizes minimum rental payments due to us as lessor under operating leases (in millions):



	Years Ending December 31,
	2014		2015		2016		2017		2018
Minimum rental payments under operating leases	$	538	$	615	$	370	$	87	$	10