Ford Credit Finance Receivables (Tables)

6 Months Ended

Jun. 30, 2020

Financing Receivable, Past Due [Line Items]

Financing Receivable, Past Due [Table Text Block]

The credit quality analysis of consumer receivables at December 31, 2019 was as follows (in millions):

	Total
Consumer
31 - 60 days past due	$	839
61 - 120 days past due	166
Greater than 120 days past due	35
Total past due	1,040
Current	72,842
Total	$	73,882

The credit quality analysis of consumer receivables at June 30, 2020 was as follows (in millions):

	Amortized Cost Basis by Origination Year
	Prior to 2016		2016		2017		2018		2019		2020		Total
Consumer
31 - 60 days past due	$	45	$	60	$	98	$	135	$	124	$	31	$	493
61 - 120 days past due	9		17		33		44		40		10		153
Greater than 120 days past due	14		7		8		9		6		—		44
Total past due	68		84		139		188		170		41		690
Current	1,631		4,199		9,581		17,452		24,396		16,859		74,118
Total	$	1,699	$	4,283	$	9,720	$	17,640	$	24,566	$	16,900	$	74,808

Net finance receivables [Table Text Block]

Finance receivables are recorded at the time of origination or purchase at fair value and are subsequently reported at amortized cost, net of any allowance for credit losses.

For all finance receivables, Ford Credit defines "past due" as any payment, including principal and interest, that is at least 31 days past the contractual due date.

Ford Credit finance receivables, net were as follows (in millions):

	December 31, 2019			June 30, 2020
Consumer
Retail installment contracts, gross	$	68,905		$	70,773
Finance leases, gross	8,566			7,879
Retail financing, gross	77,471			78,652
Unearned interest supplements	(3,589		)	(3,844		)
Consumer finance receivables	73,882			74,808
Non-Consumer
Dealer financing	33,985			23,184
Non-Consumer finance receivables	33,985			23,184
Total recorded investment	$	107,867		$	97,992
Recorded investment in finance receivables	$	107,867		$	97,992
Allowance for credit losses	(513		)	(1,285		)
Total finance receivables, net	$	107,354		$	96,707
Current portion	$	53,651		$	42,720
Non-current portion	53,703			53,987
Total finance receivables, net	$	107,354		$	96,707
Net finance receivables subject to fair value (a)	$	99,168		$	89,207
Fair value (b)	99,297			90,298

__________

(a) Net finance receivables subject to fair value exclude finance leases.

(b) The fair value of finance receivables is categorized within Level 3 of the fair value hierarchy.

Financing receivable credit quality indicators [Table Text Block]

The credit quality analysis of dealer financing receivables at December 31, 2019 was as follows (in millions):

	Total
Dealer financing
Group I	$	26,281
Group II	5,407
Group III	2,108
Group IV	189
Total (a)	$	33,985

__________

(a) Total past due dealer financing receivables at December 31, 2019 were $62 million.

The credit quality analysis of dealer financing receivables at June 30, 2020 was as follows (in millions):

	Amortized Cost Basis by Origination Year														Wholesale Loans
	Dealer Loans
	Prior to 2016		2016		2017		2018		2019		2020		Total				Total
Group I	$	608	$	132	$	159	$	221	$	98	$	237	$	1,455	$	14,102	$	15,557
Group II	38		32		17		18		7		72		184		5,317		5,501
Group III	9		—		4		17		6		28		64		1,908		1,972
Group IV	2		3		—		—		2		4		11		143		154
Total (a)	$	657	$	167	$	180	$	256	$	113	$	341	$	1,714	$	21,470	$	23,184

__________

(a)

Total past due dealer financing receivables at June 30, 2020 were $143 million.