Investments in Operating Leases, Net

3 Months Ended

Sep. 30, 2014

Investments in Operating Leases, Net [Abstract]

Note 5 – Investments in Operating Leases, Net

Investments in operating leases, net consist of vehicle and equipment leases, net of deferred fees and costs, deferred income, accumulated depreciation and the allowance for credit losses. Securitized 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 securitized 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)	September 30, 2014		March 31, 2014
Investments in operating leases	$	35,654	$	31,023
Securitized investments in operating leases		-		248
		35,654		31,271
Deferred origination (fees) and costs, net		(177)		(146)
Deferred income		(986)		(826)
Accumulated depreciation		(5,991)		(5,462)
Allowance for credit losses		(64)		(68)
Investments in operating leases, net	$	28,436	$	24,769

- Definition

The entire disclosure for operating leases of a lessor. This may include 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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