v3.21.1
Debt
 3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
Debt Debt
Automotive The following table presents debt in our automotive operations:
March 31, 2021December 31, 2020
Carrying AmountFair ValueCarrying AmountFair Value
Secured debt$302 $321 $303 $332 
Unsecured debt16,968 20,270 16,929 20,988 
Finance lease liabilities282 299 237 256 
Total automotive debt(a)$17,552 $20,890 $17,469 $21,576 
Fair value utilizing Level 1 inputs$19,112 $19,826 
Fair value utilizing Level 2 inputs$1,778 $1,750 
Available under credit facility agreements(b)$18,210 $18,222 
Weighted-average interest rate on outstanding short-term debt(c)3.9 %3.8 %
Weighted-average interest rate on outstanding long-term debt(c)5.6 %5.6 %
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(a)Includes net discount and debt issuance costs of $529 million and $540 million at March 31, 2021 and December 31, 2020.
(b)Excludes our 364-day, $2.0 billion facility allocated for exclusive use by GM Financial.
(c)Includes coupon rates on debt denominated in various foreign currencies and interest free loans.

Unsecured debt primarily consists of senior notes. In April 2021, we increased the total borrowing capacity of our five-year, $10.5 billion facility to $11.2 billion and extended the termination date for a $9.9 billion portion of the five-year facility by three years, now set to mature on April 18, 2026. The termination date of April 18, 2023 for the remaining portion of the five-year facility remains unchanged. We also renewed and increased the total borrowing capacity of our three-year, $4.0 billion facility to $4.3 billion, which now matures on April 7, 2024, and renewed our 364-day, $2.0 billion facility allocated for exclusive use by GM Financial, which now matures on April 6, 2022. We also terminated our 364-day, $2.0 billion revolving credit facility, entered into in May 2020. Additionally, the prior restrictions on share repurchases and dividends on our common shares were removed upon entrance into the renewed three-year, $4.3 billion facility.
GM Financial The following table presents debt of GM Financial:
March 31, 2021December 31, 2020
Carrying AmountFair ValueCarrying AmountFair Value
Secured debt$39,965 $40,292 $39,982 $40,380 
Unsecured debt53,730 55,621 52,443 54,568 
Total GM Financial debt$93,695 $95,913 $92,425 $94,948 
Fair value utilizing Level 2 inputs$94,210 $92,922 
Fair value utilizing Level 3 inputs$1,703 $2,026 

Secured debt consists of revolving credit facilities and securitization notes payable. 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 to our condensed consolidated financial statements for additional information on GM Financial's involvement with VIEs. In the three months ended March 31, 2021, GM Financial renewed revolving credit facilities with total borrowing capacity of $6.0 billion and issued $8.2 billion in aggregate principal amount of securitization notes payable with an initial weighted average interest rate of 0.82% and maturity dates ranging from 2022 to 2028.

Unsecured debt consists of senior notes, credit facilities and other unsecured debt. In the three months ended March 31, 2021, GM Financial issued $3.8 billion in aggregate principal amount of senior notes with an initial weighted average interest rate of 1.44% and maturity dates ranging from 2025 to 2031.

In April 2021, GM Financial issued $2.3 billion in senior notes with a weighted average interest rate of 1.60% and maturity dates ranging from 2024 to 2028.