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, 2016 |
Dec. 31, 2016 |
Current |
Noncurrent |
Dec. 31, 2015 |
Dec. 31, 2015 |
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Receivables from financing business |
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Customer financing |
22,921 |
47,863 |
70,784 |
73,507 |
21,991 |
44,985 |
66,976 |
68,452 |
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Dealer financing |
15,531 |
2,108 |
17,639 |
17,626 |
14,738 |
1,832 |
16,570 |
16,539 |
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Direct banking |
254 |
2 |
256 |
256 |
212 |
2 |
214 |
214 |
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38,707 |
49,973 |
88,680 |
91,389 |
36,941 |
46,819 |
83,760 |
85,205 |
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Receivables from operating leases |
197 |
– |
197 |
197 |
273 |
– |
273 |
273 |
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Receivables from finance leases |
10,769 |
18,429 |
29,198 |
29,342 |
9,674 |
16,365 |
26,040 |
26,041 |
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49,673 |
68,402 |
118,075 |
120,929 |
46,888 |
63,185 |
110,073 |
111,518 |
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The receivables from customer financing and finance leases contained in financial services receivables of €118.1 billion (previous year: €110.1 billion) decreased by €7 million (previous year: €18 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, €251 million (previous year: €– million) was furnished as collateral for financial liabilities and contingent liabilities.
The receivables from dealer financing include €51 million (previous year: €45 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, 2015 and December 31, 2016:
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€ million |
2016 |
2017 – 2020 |
from 2021 |
Total |
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Future payments from finance lease receivables |
10,320 |
17,184 |
135 |
27,639 |
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Unearned finance income from finance leases (discounting) |
−646 |
−949 |
−4 |
−1,600 |
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Present value of minimum lease payments outstanding at the reporting date |
9,674 |
16,234 |
131 |
26,040 |
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€ million |
2017 |
2018 – 2021 |
from 2022 |
Total |
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Future payments from finance lease receivables |
11,438 |
19,316 |
137 |
30,891 |
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Unearned finance income from finance leases (discounting) |
−670 |
−1,014 |
−11 |
−1,695 |
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Present value of minimum lease payments outstanding at the reporting date |
10,768 |
18,302 |
126 |
29,196 |
Accumulated valuation allowances for uncollectible minimum lease payments receivable amount to €94 million (previous year: €90 million).