Investments in Operating Leases, Net

3 Months Ended

Jun. 30, 2012

Investments in Operating Leases, Net [Abstract]

Note 5 – Investments in Operating Leases, Net

Investments in operating leases, net consist of vehicle and equipment leases including deferred fees and costs, net of the allowance for credit losses and unearned income. Pledged investments in operating leases represent beneficial interests in a pool of certain vehicle leases that have been sold for legal purposes to securitization trusts but continue to be included in our consolidated financial statements. Cash flows from these pledged investments in operating leases are available only for the repayment of debt issued by these trusts and other obligations arising from the securitization transactions. They are not available for payment of our other obligations or to satisfy claims of our other creditors.

Investments in operating leases, net consisted of the following:

(Dollars in millions)	June 30, 2012		March 31, 2012
Investments in operating leases	$	24,398	$	24,911
Pledged investments in operating leases		895		-
		25,293		24,911
Deferred origination (fees) and costs, net		(132)		(133)
Deferred income		(604)		(594)
Accumulated depreciation		(5,358)		(5,346)
Allowance for credit losses		(91)		(95)
Investments in operating leases, net	$	19,108	$	18,743

- Definition

The entire disclosure for operating leases of a lessor. This may inlcude a general description of lessor's leasing arrangements for operating leases, including the basis on which contingent rental payments are determined, the existence and terms of renewal or purchase options and escalation clauses, restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions.

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