16 Noncurrent and current financial services receivables
(XLS:)
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CARRYING AMOUNT |
FAIR VALUE |
CARRYING AMOUNT |
FAIR VALUE |
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€ million |
Current |
Noncurrent |
Dec. 31, 2018 |
Dec. 31, 2018 |
Current |
Noncurrent |
Dec. 31, 2017 |
Dec. 31, 2017 |
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Receivables from financing business |
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Customer financing |
21,487 |
45,089 |
66,575 |
67,500 |
19,841 |
40,899 |
60,739 |
61,763 |
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Dealer financing |
14,781 |
2,099 |
16,879 |
16,839 |
17,033 |
2,194 |
19,227 |
19,200 |
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Direct banking |
284 |
3 |
288 |
288 |
269 |
4 |
272 |
272 |
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36,551 |
47,191 |
83,742 |
84,627 |
37,142 |
43,096 |
80,239 |
81,236 |
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Receivables from operating leases |
219 |
– |
219 |
219 |
193 |
– |
193 |
193 |
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Receivables from finance leases |
17,446 |
31,501 |
48,948 |
49,572 |
15,810 |
30,153 |
45,963 |
46,766 |
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54,216 |
78,692 |
132,909 |
134,418 |
53,145 |
73,249 |
126,395 |
128,195 |
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The receivables from customer financing and finance leases contained in financial services receivables of €132.9 billion (previous year: €126.4 billion) decreased by €26 million (previous year: €31 million) as a result of a fair value adjustment from portfolio hedging.
The receivables from customer and dealer financing are secured by vehicles or real property liens. Of the receivables, €175 million (previous year: €287 million) was furnished as collateral for financial liabilities and contingent liabilities.
The receivables from dealer financing include €24 million (previous year: €51 million) receivable from unconsolidated affiliated companies.
The receivables from finance leases – almost all of them for vehicles – were based on the following expected cash flows as of December 31, 2017 and December 31, 2018:
| (XLS:)
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€ million |
2018 |
2019 – 2022 |
from 2023 |
Total |
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Future payments from finance lease receivables |
16,952 |
32,280 |
145 |
49,377 |
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Unearned finance income from finance leases (discounting) |
−1,142 |
−2,261 |
−11 |
−3,414 |
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Present value of minimum lease payments outstanding at the reporting date |
15,810 |
30,018 |
135 |
45,963 |
| (XLS:)
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€ million |
2019 |
2020 – 2023 |
from 2024 |
Total |
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Future payments from finance lease receivables |
18,768 |
33,611 |
156 |
52,534 |
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Unearned finance income from finance leases (discounting) |
−1,321 |
−2,256 |
−9 |
−3,586 |
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Present value of minimum lease payments outstanding at the reporting date |
17,446 |
31,355 |
146 |
48,948 |
Accumulated loss allowances for uncollectible minimum lease payments receivable amount to €103 million (previous year: €116 million).