16 Noncurrent and current financial services receivables

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€ million		Current		Non-current		Carrying amount Dec. 31, 2012		Fair value Dec. 31, 2012		Current		Non-current		Carrying amount Dec. 31, 2011		Fair value Dec. 31, 2011
Receivables from financing business
Customer financing		17,277		34,460		51,737		52,439		15,321		29,675		44,995		46,092
Dealer financing		11,389		1,330		12,719		12,647		10,631		1,070		11,701		11,702
Direct banking		167		1		168		168		153		–		153		153
		28,832		35,791		64,624		65,254		26,104		30,745		56,849		57,947
Receivables from operating leases		204		–		204		204		166		–		166		166
Receivables from finance leases		7,875		13,994		21,868		21,944		7,484		11,705		19,188		19,375
		36,911		49,785		86,696		87,402		33,754		42,450		76,204		77,489

Noncurrent receivables from the customer financing business mainly bear fixed interest at rates of between 0.0% and 37.0% (previous year: 0.0% and 37.0%), depending on the market concerned. They have terms of up to 242 months (previous year: 242 months). The noncurrent portion of dealer financing is granted at interest rates of between 0.0% and 18.4% (previous year: 0.0% and 18.4%), depending on the country.

The receivables from customer financing and finance leases contained in financial services receivables of €86.7 billion (previous year: €76.2 billion) rose by €56 million as a result of a fair value adjustment from portfolio hedging (previous year: €46 million).

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

The receivables from dealer financing include €124 million (previous year: €104 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, 2011 and December 31, 2012:

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€ million		2012		2013 – 2016		from 2017		Total
Future payments from finance lease receivables		8,190		12,470		129		20,789
Unearned finance income from finance leases (discounting)		–706		–886		–8		–1,600
Present value of minimum lease payments outstanding at the reporting date		7,484		11,584		121		19,188

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€ million		2013		2014 – 2017		from 2018		Total
Future payments from finance lease receivables		8,557		14,827		176		23,561
Unearned finance income from finance leases (discounting)		–683		–1,005		–5		–1,692
Present value of minimum lease payments outstanding at the reporting date		7,875		13,822		171		21,868