The average time taken for THE CAR FINANCE COMPANY (2007) LTD to pay their invoices has increased over the past 3 periods, with a 2% increase from the first period to the second period, and a further 2% increase from the second period to the third period.
The percentage of invoices paid within 30 days has decreased by 3% from the first period to the second period, and a further 6% decrease from the second period to the third period. The percentage of invoices paid between 31 and 60 days has increased by 3% from the first period to the second period, and a further 4% increase from the second period to the third period. The percentage of invoices paid later than 60 days has increased by 2% from the first period to the second period, and a further 2% increase from the second period to the third period. The percentage of invoices not paid within agreed terms has decreased by 2% from the first period to the second period, and remained the same in the third period.
From Jul 2017 to Dec 2018, THE CAR FINANCE COMPANY (2007) LTD has seen a steady increase in the average time taken to pay their invoices, with a 4% increase over the 3 periods. The percentage of invoices paid within 30 days has decreased by 9%, while the percentage of invoices paid between 31 and 60 days has increased by 7%. The percentage of invoices paid later than 60 days has increased by 4%. However, the percentage of invoices not paid within agreed terms has remained the same in the third period.
| Reporting Period | Filing Date | Average Time to Pay (days) | Paid within 30 days | Paid 31-60 days | Paid after 60 days | Not Paid within Terms |
|---|---|---|---|---|---|---|
| 01 Jul 2017 - 31 Dec 2017 | 09 Mar 2018 | 34 | 72% | 24% | 4% | 27% |
This information is as reported by the business, and responses are in their own words.
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
Any other information about payment terms
N/A
Maximum contractual payment period agreed
60
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.
Has this business signed up to a code of conduct or standards on payment practices?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
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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.
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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.
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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?
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During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
THE CAR FINANCE COMPANY 2007 LTD is a dissolved private limited company, incorporated on 22 January 2007, based in the South East region. Registered business activity: Credit granting by non-deposit taking finance houses and other specialist consumer credit grantors.
From Companies House records.