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Notes to the Financial Statements
Ford Motor Company | 2011 Annual Report 111
NOTE 7. FINANCE RECEIVABLES (Continued)
Included in the recorded investment in finance receivables at December 31, 2011 and 2010 were North America
consumer receivables of $29.4 billion and $28.7 billion and non-consumer receivables of $14.2 billion and $12.8 billion,
respectively, and International consumer receivables of $7.1 billion and $7.6 billion and non-consumer receivables of
$5.6 billion and $5.9 billion, respectively, that secure certain debt obligations. The receivables are available only for
payment of the related debt and obligations; they are not available to pay the other obligations of our Financial Services
sector or the claims of its other creditors (see Notes 13 and 18).
Contractual maturities of total finance receivables, excluding unearned interest supplements, outstanding at
December 31, 2011 reflect contractual repayments due from customers or borrowers reported in the maturity category in
which the payment is due and were as follows (in millions):
North America
Consumer
Retail, gross
Direct financing leases, gross
Non-consumer
Wholesale
Dealer loans
Other
Total North America
International
Consumer
Retail, gross
Direct financing leases, gross
Non-consumer
Wholesale
Dealer loans
Other
Total International
Due in Year Ending December 31,
2012
$12,163
4
15,165
170
713
$28,215
$3,208
1,557
7,316
43
377
$12,501
2013
$9,710
—
248
164
4
$10,126
$3,091
443
979
4
—
$4,517
2014
$7,642
—
—
61
3
$7,706
$1,380
314
92
2
—
$1,788
Thereafter
$8,891
—
—
693
3
$9,587
$721
369
29
14
—
$1,133
Total
$ 38,406
4
15,413
1,088
723
$ 55,634
$ 8,400
2,683
8,416
63
377
$ 19,939
Experience indicates that a portion of the portfolio is repaid before the contractual maturity dates.
Investment in direct financing leases, which are included in consumer receivables, were as follows at December 31 (in
millions):
Total minimum lease rentals to be received
Initial direct costs
Estimated residual values
Less: Unearned income
Less: Unearned interest supplements
Recorded investment in direct financing
leases
Less: Allowance for credit losses
Net investment in direct financing
leases
2011
North
America
$4
—
1
(1)
—
4
—
$4
International
$1,897
18
971
(203)
(116)
2,567
(12)
$2,555
Total Direct
Financing
Leases
$1,901
18
972
(204)
(116)
2,571
(12)
$2,559
2010
North
America
$8
—
10
(1)
—
17
(1)
$16
International
$1,980
19
1,256
(244)
(84)
2,927
(17)
$2,910
Total Direct
Financing
Leases
$ 1,988
19
1,266
(245)
(84)
2,944
(18)
$ 2,926
At December 31, 2011, future lease minimum rentals due from North America direct financing leases were as follows
(in millions): 2012 - $4; thereafter - $0.