Cash flow shortage going to make paying the bills this month a tight squeeze? Well better put your car payment right up there between “rent” and “light bill”, because new technology can confirm for that collections agent whether you really mailed that check or not. According to Auto News, the finance arms of Ford and Toyota are adopting the same encoding technology as the online movie rental company, Netflix, to begin tracking your finance payments as soon as they hit the post office.
With computers created by DST Output of Kansas City, Missouri, bar codes embedded in the payment stubs/return envelopes are scanned and recorded as soon as the tender is processed at the post office. Conversely, the system also records all outgoing mail, tracking the status of each statement mailed to Ford or Toyota lease customers. Besides providing a more efficient system for the company, the DST tracking also does the customers a service too. If complications at the post office prevented the timely arrival of payment, DST is aware of it. Explained DST vice president Mury Salls, “We could actually identify which statements got delivered in the flooded Midwest a couple months back. We also knew which statements were waiting to be delivered and which ones were in a post office under six feet of water.” Essentially guaranteeing that responsible borrowers don’t suffer for corporate mistakes, the scanning technology also allows the auto lenders to better identify more aggressively pursue delinquent accounts.