16 Noncurrent and current financial services receivables


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€ million

 

current

 

non-current

 

Carrying  amount Dec. 31,  2009

 

Fair value Dec. 31,  2009

 

current

 

non-current

 

Carrying  amount Dec. 31,  2008

 

Fair value Dec. 31,  2008

Receivables from financing business

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

customer financing

 

11,613

 

22,815

 

34,428

 

34,496

 

9,534

 

20,302

 

29,836

 

30,144

dealer financing

 

8,698

 

856

 

9,555

 

9,550

 

10,147

 

981

 

11,128

 

11,166

direct banking

 

146

 

 

146

 

146

 

133

 

 

133

 

133

 

 

20,457

 

23,672

 

44,129

 

44,192

 

19,814

 

21,283

 

41,097

 

41,443

Receivables from operating lease business

 

152

 

 

152

 

152

 

125

 

 

125

 

125

Receivables from
finance leases

 

6,793

 

9,502

 

16,296

 

16,322

 

7,096

 

10,572

 

17,668

 

17,833

 

 

27,403

 

33,174

 

60,577

 

60,667

 

27,035

 

31,855

 

58,890

 

59,401

Noncurrent receivables from the customer financing business mainly bear fixed interest at rates of between 0.0% and 24% (previous year: 0.0% and 22.1%), depending on the market concerned. They have terms of up to 144 months (previous year: 84 months). The noncurrent portion of dealer financing is granted at interest rates of between 1.9% and 18% (previous year: 3.8% and 20%), depending on the country.

Financial services receivables of €60.6 billion (previous year: €58.9 billion) contain a fair value adjustment from portfolio hedging amounting to €84 million (previous year: €151 million).

The receivables from customer and dealer financing are secured by vehicles or real property liens.

The receivables from dealer financing include an amount of €188 million (previous year: €173 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, 2008 and December 31, 2009:

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€ million

 

2009

 

2010 – 2013

 

from 2014

 

Total

Future payments from finance lease receivables

 

7,806

 

11,586

 

44

 

19,436

Unearned finance income from finance leases (discounting)

 

–710

 

–1,056

 

–2

 

–1,768

Present value of minimum lease payments outstanding at the balance sheet date

 

7,096

 

10,530

 

42

 

17,668

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€ million

 

2010

 

2011 – 2014

 

from 2015

 

Total

Future payments from finance lease receivables

 

7,470

 

10,312

 

67

 

17,849

Unearned finance income from finance leases (discounting)

 

–677

 

–870

 

–6

 

–1,553

Present value of minimum lease payments outstanding at the balance sheet date

 

6,793

 

9,442

 

61

 

16,296

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