16 Noncurrent and current financial services receivables
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CARRYING AMOUNT |
FAIR VALUE |
CARRYING AMOUNT |
FAIR VALUE | ||||||||||||
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€ million |
Current |
Noncurrent |
Dec. 31, 2013 |
Dec. 31, 2013 |
Current |
Noncurrent |
Dec. 31, 2012 |
Dec. 31, 2012 | ||||||||
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Receivables from financing business |
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Customer financing |
17,998 |
35,965 |
53,963 |
55,562 |
17,277 |
34,460 |
51,737 |
52,439 |
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Dealer financing |
11,658 |
1,368 |
13,026 |
12,987 |
11,389 |
1,330 |
12,719 |
12,647 |
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Direct banking |
183 |
1 |
184 |
184 |
167 |
1 |
168 |
168 |
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29,839 |
37,334 |
67,173 |
68,733 |
28,832 |
35,791 |
64,624 |
65,254 |
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Receivables from operating leases |
214 |
– |
214 |
214 |
204 |
– |
204 |
204 |
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Receivables from finance leases |
8,332 |
13,864 |
22,196 |
22,639 |
7,875 |
13,994 |
21,868 |
21,944 |
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38,386 |
51,198 |
89,583 |
91,586 |
36,911 |
49,785 |
86,696 |
87,402 |
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Noncurrent receivables from the customer financing business mainly bear fixed rates of interest of between 0.0% and 39.1% (previous year: 0.0% and 37.0%), depending on the market concerned. They have terms of up to 240 months (previous year: 242 months). The noncurrent portion of dealer financing is granted at interest rates of between 0.0% and 25.9% (previous year: 0.0% and 18.4%), depending on the country.
The receivables from customer financing and finance leases contained in financial services receivables of €89.6 billion (previous year: €86.7 billion) decreased by €34 million as a result of a fair value adjustment from portfolio hedging (previous year: increase of €56 million).
The receivables from customer and dealer financing are secured by vehicles or real property liens. Collateral of €351 million (previous year: €357 million) has been furnished for financial liabilities and contingent liabilities.
The receivables from dealer financing include €71 million (previous year: €124 million) receivable from affiliated companies.
The receivables from finance leases – almost entirely in respect of vehicles – were or are expected to generate the following cash flows as of December 31, 2012 and December 31, 2013:
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€ million |
2013 |
2014 – 2017 |
after 2018 |
Total | ||||
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Future payments from finance lease receivables |
8,557 |
14,827 |
176 |
23,561 |
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Unearned finance income from finance leases (discounting) |
–683 |
–1,005 |
–5 |
–1,692 |
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Present value of minimum lease payments outstanding at the reporting date |
7,875 |
13,822 |
171 |
21,868 |
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€ million |
2014 |
2015 – 2018 |
after 2019 |
Total | ||||
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Future payments from finance lease receivables |
8,939 |
14,623 |
122 |
23,684 |
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Unearned finance income from finance leases (discounting) |
–607 |
–879 |
–2 |
–1,488 |
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Present value of minimum lease payments outstanding at the reporting date |
8,332 |
13,744 |
120 |
22,196 |
Accumulated valuation allowances for uncollectible minimum lease payments receivable amount to €–112 million (previous year: €–158 million).