THE CAR FINANCE COMPANY (2007) LTD
Company number: 06060536
Reporting period:
1 July 2017 to 31 December 2017
Report filed on:
9 March 2018
Approved by:
Nigel Clibbens
Payment statistics
Average time taken to pay invoices: 34 days
Invoices paid:
- within 30 days: 72%
- in 31 to 60 days: 24%
- in 61 days or more: 4%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 27%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
The Car Finance Company agrees appropriate terms with suppliers for each single or series of transactions. The company abides by those terms based on the timely submission of valid and accurate invoices.
In the absence of agreed terms with a supplier the Company's policy is to pay a valid and accurate invoice the Friday following 30 days from the date the invoice was received.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
60 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
The Car Finance Company will nominate an authorised representative to talk with the supplier to attempt to resolve the dispute or complaint to the satisfaction of both parties. If the parties cannot resolve the matter in a period of time agreed between them, either party may refer the matter to court.
Other payment information
Has this business signed up to a code of conduct or standards on payment practices? If so, which?
For example, signatories to The Fair Payment Code must commit to paying 95% of their invoices within 60 days.
No, this business has not signed up to a code of conduct or standards on payment practices.
Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
No
Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
No
Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No