Debt

9 Months Ended

Sep. 30, 2020


	September 30, 2020				December 31, 2019
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Secured debt
Revolving credit facilities	$	2,048	$	2,050	$	6,152	$	6,160
Securitization notes payable	33,623		34,058		33,807		34,000
Total secured debt	35,671		36,108		39,959		40,160
Unsecured debt
Senior notes	47,935		49,008		43,679		44,937
Credit facilities	1,417		1,415		1,936		1,936
Other unsecured debt	3,799		3,803		3,364		3,366
Total unsecured debt	53,151		54,226		48,979		50,239
Total secured and unsecured debt	$	88,822	$	90,334	$	88,938	$	90,399
Fair value utilizing Level 2 inputs			$	88,768			$	88,481
Fair value utilizing Level 3 inputs			$	1,566			$	1,918

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 information.

The weighted average interest rate on secured debt was 2.22% at September 30, 2020. Issuance costs on secured debt of $88 million as of September 30, 2020 and $75 million as of December 31, 2019 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 the nine months ended September 30, 2020, we renewed credit facilities with a total borrowing capacity of $17.3 billion.

Securitization notes payable at September 30, 2020 are due beginning in 2021 through 2028. During the nine months ended September 30, 2020, we issued $16.6 billion in aggregate principal amount of securitization notes payable with an initial weighted average interest rate of 1.33% and maturity dates ranging from 2021 to 2028.

Unsecured Debt

Senior Notes At September 30, 2020, we had $47.4 billion aggregate outstanding in senior notes that mature from 2020 through 2030 and have a weighted average interest rate of 3.27%. Issuance costs on senior notes of $113 million as of September 30, 2020 and $109 million as of December 31, 2019 are amortized to interest expense over the term of the notes.

During the nine months ended September 30, 2020, we issued $8.4 billion in aggregate principal amount of senior notes with an initial weighted average interest rate of 3.08% and maturity dates ranging from 2023 through 2030.

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. Our credit facilities and other unsecured debt have maturities of up to four years. The weighted average interest rate on these credit facilities and other unsecured debt was 2.46% at September 30, 2020.

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 September 30, 2020, we were in compliance with these debt covenants.