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, 2014 |
Dec. 31, 2014 |
Current |
Noncurrent |
Dec. 31, 2013 |
Dec. 31, 2013 |
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Receivables from financing business |
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Customer financing |
21,163 |
41,681 |
62,844 |
64,778 |
17,998 |
35,965 |
53,963 |
55,562 |
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Dealer financing |
13,343 |
1,570 |
14,913 |
14,897 |
11,658 |
1,368 |
13,026 |
12,987 |
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Direct banking |
198 |
1 |
198 |
199 |
183 |
1 |
184 |
184 |
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34,704 |
43,252 |
77,956 |
79,873 |
29,839 |
37,334 |
67,173 |
68,733 |
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Receivables from operating leases |
281 |
– |
281 |
281 |
214 |
– |
214 |
214 |
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Receivables from finance leases |
9,413 |
14,625 |
24,038 |
24,296 |
8,332 |
13,864 |
22,196 |
22,639 |
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44,398 |
57,877 |
102,275 |
104,450 |
38,386 |
51,198 |
89,583 |
91,586 |
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The receivables from customer financing and finance leases contained in financial services receivables of €102.3 billion (previous year: €89.6 billion) increased by €39 million as a result of a fair value adjustment from portfolio hedging (previous year: decrease of €34 million).
The receivables from customer and dealer financing are secured by vehicles or real property liens. Collateral of €344 million (previous year: €351 million) has been furnished for financial liabilities and contingent liabilities.
The receivables from dealer financing include €98 million (previous year: €71 million) receivable from unconsolidated 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, 2013 and December 31, 2014:
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€ million |
2014 |
2015 – 2018 |
from 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 |
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€ million |
2015 |
2016 – 2019 |
from 2020 |
Total |
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Future payments from finance lease receivables |
10,074 |
15,474 |
84 |
25,632 |
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Unearned finance income from finance leases (discounting) |
−661 |
−929 |
−4 |
−1,594 |
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Present value of minimum lease payments outstanding at the reporting date |
9,413 |
14,545 |
80 |
24,038 |
Accumulated valuation allowances for uncollectible minimum lease payments receivable amount to €97 million (previous year: €112 million).