Investments in Operating Leases, Net

9 Months Ended

Dec. 31, 2022

Note 5 – Investments in Operating Leases, Net

Investments in operating leases, net consists of vehicle lease contracts acquired from dealers, and includes deferred origination fees and costs, deferred income, and accumulated depreciation. 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 as discussed further in Note 8 - Variable Interest Entities. 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:


	December 31,			March 31,
	2022			2022
Investments in operating leases 1	$	40,215		$	45,728
Deferred origination (fees) and costs, net		(68	)		(46	)
Deferred income		(784	)		(1,272	)
Accumulated depreciation		(8,533	)		(8,955	)
Investments in operating leases, net	$	30,830		$	35,455

1 Includes securitized investments in operating leases of $17.1 billion and $16.2 billion as of December 31, 2022 and March 31, 2022, respectively.