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, 2019 |
Dec. 31, 2019 |
Current |
Noncurrent |
Dec. 31, 2018 |
Dec. 31, 2018 |
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Receivables from financing business |
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Customer financing |
22,873 |
49,175 |
72,048 |
73,248 |
21,487 |
45,089 |
66,575 |
67,500 |
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Dealer financing |
16,781 |
2,512 |
19,293 |
19,270 |
14,781 |
2,099 |
16,879 |
16,839 |
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Direct banking |
305 |
5 |
310 |
310 |
284 |
3 |
288 |
288 |
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39,958 |
51,692 |
91,650 |
92,827 |
36,551 |
47,191 |
83,742 |
84,627 |
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Receivables from operating leases |
285 |
– |
285 |
285 |
219 |
– |
219 |
219 |
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Receivables from finance leases |
18,371 |
35,281 |
53,652 |
54,742 |
17,446 |
31,501 |
48,948 |
49,572 |
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58,615 |
86,973 |
145,588 |
147,855 |
54,216 |
78,692 |
132,909 |
134,418 |
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The receivables from customer financing and finance leases contained in financial services receivables of €145.6 billion (previous year: €132.9 billion) increased by €2 million (previous year: decreased by €26 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, €181 million (previous year: €175 million) was furnished as collateral for financial liabilities and contingent liabilities.
The receivables from dealer financing include €22 million (previous year: €24 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, 2018:
| (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 |