Cannot setup auto loan - keeps going back to the Your Loan Reminder Screen

tbaker913

Anyone have any idea why adding the auto loan won't finish and add the account?

Quicken Sarah

Hello @tbaker913

Thank you for taking the time to share your question with the Community, although I apologize that you have not yet received a response.

When adding the loan account, are you selecting to create the Loan Reminder?  If so, is it after entering/saving the reminder information that you are returned to the "Your Loan Reminder" screen?

If so, please go to the File menu in Quicken and select File Operations, then "Copy" and create a copy of your data file, and open the copied the file when prompted.

In the copied file, please try to add the Loan account once more, does it still loop you back to the Reminder screen or is the account added successfully?

Please let us know, thank you.

Sarah

NotACPA

You should also note that your auto loan is almost certainly a "Daily Interest" loan, where the amount of interest due with each succeeding payment is partially dependent upon what DAY the prior payment was received.

Q's Loan Wizard has no way of knowing when that payment was received (when you sent it, YES ... when it was received and posted, NO) so the Loan Wizard can't accurately calculate the principal/interest split of each transaction.

You CAN, however, still use the Loan Wizard calculations ... and then just edit the transaction when the next statement arrives.