16 Noncurrent and current financial services receivables

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€ million

 

current

 

non-current

 

Carrying  amount Dec. 31,  2008

 

Fair value Dec. 31,  2008

 

current

 

non-current

 

Carrying  amount Dec. 31,  2007

 

Fair value Dec. 31,  2007

Receivables from financing business

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

customer financing

 

9,534

 

20,302

 

29,836

 

30,144

 

9,531

 

18,471

 

28,002

 

28,196

dealer financing

 

10,147

 

981

 

11,128

 

11,166

 

9,791

 

774

 

10,565

 

10,565

direct banking

 

133

 

 

133

 

133

 

94

 

0

 

94

 

94

 

 

19,814

 

21,283

 

41,097

 

41,443

 

19,416

 

19,245

 

38,661

 

38,855

Receivables from operating lease business

 

125

 

 

125

 

125

 

103

 

 

103

 

103

Receivables from
finance leases

 

7,096

 

10,572

 

17,668

 

17,833

 

5,395

 

8,277

 

13,672

 

13,675

 

 

27,035

 

31,855

 

58,890

 

59,401

 

24,914

 

27,522

 

52,436

 

52,633

Noncurrent receivables from the customer financing business mainly bear fixed interest at rates of between 0.0% and 22.1% (previous year: 0.1% and 19.5%), depending on the market concerned. They have terms of up to 84 months (previous year: 84 months). The noncurrent portion of dealer financing is granted at interest rates of between 3.8% and 20% (previous year: 2% and 20%), depending on the country.

Financial services receivables of €58.9 billion contain a fair value adjustment from portfolio hedging amounting to €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 €173 million (previous year: €202 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, 2007 and December 31, 2008:

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€ million

 

2008

 

2009 – 2012

 

from 2013

 

Total

Future payments from finance lease receivables

 

5,919

 

8,985

 

14

 

14,918

Unearned finance income from finance leases (discounting)

 

–524

 

–721

 

–1

 

–1,246

Carrying amount/present value of minimum lease payments outstanding at the balance sheet date

 

5,395

 

8,264

 

13

 

13,672

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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

Carrying amount/present value of minimum lease payments outstanding at the balance sheet date

 

7,096

 

10,530

 

42

 

17,668

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