Debt



	December 31, 2018				December 31, 2017
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Secured debt
Revolving credit facilities	$	3,410	$	3,413	$	4,694	$	4,713
Securitization notes payable	39,425		39,422		35,193		35,235
Total secured debt	42,835		42,835		39,887		39,948
Unsecured debt
Senior notes	42,611		42,015		36,820		37,969
Credit facilities	2,157		2,151		2,368		2,375
Other unsecured debt	3,385		3,390		1,642		1,645
Total unsecured debt	48,153		47,556		40,830		41,989
Total secured and unsecured debt	$	90,988	$	90,391	$	80,717	$	81,937
Fair value utilizing Level 2 inputs			$	88,305			$	79,623
Fair value utilizing Level 3 inputs			$	2,086			$	2,314

Secured Debt Most of the secured debt was issued by VIEs and is repayable only from proceeds related to the underlying pledged assets. Refer to Note 8 for further discussion.

The weighted average interest rate on secured debt was 2.85% at December 31, 2018. Issuance costs on the secured debt of $93 million as of December 31, 2018 and $90 million as of December 31, 2017 are amortized to interest expense over the expected term of the secured debt.

The terms of our revolving credit facilities provide for a revolving period and subsequent amortization period, and are expected to be repaid over periods ranging up to six years. During 2018, we entered into new credit facilities and renewed credit facilities with a total net additional borrowing capacity of $695 million.

Securitization notes payable at December 31, 2018 are due beginning in 2019 through 2026. During 2018, we issued $22.8 billion in aggregate principal amount of securitization notes payable with an initial weighted average interest rate of 3.00% and maturity dates ranging from 2020 to 2026.

Unsecured Debt

Senior Notes At December 31, 2018, we had $43.2 billion aggregate outstanding in senior notes that mature from 2019 through 2028 and have a weighted average interest rate of 3.40%. Issuance costs on senior notes of $121 million as of December 31, 2018 and $122 million as of December 31, 2017 are amortized to interest expense over the term of the notes.

During 2018, we issued $8.6 billion in aggregate principal amount of senior notes with a weighted average interest rate of 3.36% and maturity dates ranging from 2020 through 2028.

In January 2019, we issued $2.5 billion in senior notes with a weighted average interest rate of 5.03% and maturity dates ranging from 2021 through 2029.

In January 2019, we issued €850 million of Euro Medium Term Notes under the Euro Medium Term Note Programme with an interest rate of 2.20% due in 2024.

During 2018, we launched an unsecured commercial paper notes program in the U.S. At December 31, 2018, the principal amount outstanding of our commercial paper in the U.S. was $1.2 billion.

General Motors Financial Company, Inc. is the sole guarantor of its subsidiaries' unsecured debt obligations for which a guarantee is provided.

Credit Facilities and Other Unsecured Debt We use unsecured credit facilities with banks as well as non-bank instruments as funding sources, primarily in the International Segment. During 2018, we increased net borrowing capacity on unsecured committed credit facilities by $332 million.

The terms of advances under our unsecured credit facilities are determined and agreed to by us and the lender on the borrowing date for each advance and can have maturities up to four years. The weighted average interest rate on these credit facilities and other unsecured debt was 5.98% at December 31, 2018.

Contractual Debt Obligations The following table presents the expected scheduled principal and interest payments under our contractual debt obligations:



	Years Ending December 31,
	2019		2020		2021		2022		2023		Thereafter		Total
Secured debt	$	21,331	$	14,262	$	5,394	$	1,656	$	10	$	257	$	42,910
Unsecured debt	9,714		8,891		9,644		5,774		5,073		9,680		48,776
Interest payments	2,811		1,816		1,178		707		491		714		7,717
	$	33,856	$	24,969	$	16,216	$	8,137	$	5,574	$	10,651	$	99,403

Compliance with Debt Covenants Several of our revolving credit facilities require compliance with certain financial and operational covenants as well as regular reporting to lenders, including providing certain subsidiary financial statements. Certain of our secured debt agreements also contain various covenants, including maintaining portfolio performance ratios as well as limits on deferment levels. Our unsecured debt obligations contain covenants including limitations on our ability to incur certain liens. At December 31, 2018, we were in compliance with these debt covenants.