The following is a summary of our debt and finance leases as of September 30, 2023 (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net Carrying Value | | Unpaid
Principal
Balance | | Unused
Committed
Amount (1) | | Contractual
Interest Rates | | Contractual
Maturity Date | | | Current | | Long-Term | | | | | | Recourse debt: | | | | | | | | | | | | | 2024 Notes | $ | 37 | | | $ | — | | | $ | 37 | | | $ | — | | | 2.00 | % | | May 2024 | | RCF Credit Agreement | — | | | — | | | — | | | 5,000 | | | Not applicable | | January 2028 | | Solar Bonds | — | | | 7 | | | 7 | | | — | | | 4.70-5.75% | | March 2025 - January 2031 | | Total recourse debt | 37 | | | 7 | | | 44 | | | 5,000 | | | | | | | Non-recourse debt: | | | | | | | | | | | | | Automotive Asset-backed Notes | 1,482 | | | 1,795 | | | 3,290 | | | — | | | 0.36-6.57% | | July 2024-August 2027 | | Solar Asset-backed Notes | 4 | | | 10 | | | 14 | | | — | | | 4.80 | % | | December 2026 | | Cash Equity Debt | 29 | | | 340 | | | 378 | | | — | | | 5.25-5.81% | | July 2033-January 2035 | | Total non-recourse debt | 1,515 | | | 2,145 | | | 3,682 | | | — | | | | | | | Total debt | 1,552 | | | 2,152 | | | $ | 3,726 | | | $ | 5,000 | | | | | | | Finance leases | 415 | | | 274 | | | | | | | | | | | Total debt and finance leases | $ | 1,967 | | | $ | 2,426 | | | | | | | | | |
The following is a summary of our debt and finance leases as of December 31, 2022 (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net Carrying Value | | Unpaid
Principal
Balance | | Unused
Committed
Amount (2) | | Contractual
Interest Rates | | Contractual
Maturity Date | | Current | | Long-Term | | | | | | Recourse debt: | | | | | | | | | | | | | 2024 Notes | $ | — | | | $ | 37 | | | $ | 37 | | | $ | — | | | 2.00 | % | | May 2024 | | Credit Agreement | — | | | — | | | — | | | 2,266 | | | Not applicable | | July 2023 | | Solar Bonds | — | | | 7 | | | 7 | | | — | | | 4.70-5.75% | | March 2025 - January 2031 | | Total recourse debt | — | | | 44 | | | 44 | | | 2,266 | | | | | | | Non-recourse debt: | | | | | | | | | | | | | Automotive Asset-backed Notes | 984 | | | 613 | | | 1,603 | | | — | | | 0.36-4.64% | | December 2023-September 2025 | | Solar Asset-backed Notes | 4 | | | 13 | | | 17 | | | — | | | 4.80 | % | | December 2026 | | Cash Equity Debt | 28 | | | 359 | | | 397 | | | — | | | 5.25-5.81% | | July 2033-January 2035 | | Automotive Lease-backed Credit Facilities | — | | | — | | | — | | | 151 | | | Not applicable | | September 2024 | | Total non-recourse debt | 1,016 | | | 985 | | | 2,017 | | | 151 | | | | | | | Total debt | 1,016 | | | 1,029 | | | $ | 2,061 | | | $ | 2,417 | | | | | | | Finance leases | 486 | | | 568 | | | | | | | | | | | Total debt and finance leases | $ | 1,502 | | | $ | 1,597 | | | | | | | | | |
(1)There are no restrictions on draw-down or use for general corporate purposes with respect to any available committed funds under our RCF Credit Agreement. Refer to the notes to the consolidated financial statements included in our reporting on Form 10-K for the year ended December 31, 2022 for the terms of the facility. (2)There were no restrictions on draw-down or use for general corporate purposes with respect to any available committed funds under our credit facilities, except certain specified conditions prior to draw-down, including pledging to our lenders sufficient amounts of qualified receivables, inventories, leased vehicles and our interests in those leases or various other assets as described in the notes to the consolidated financial statements included in our report on Form 10-K for the year ended December 31, 2022.
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