Home Quicken for Windows Download, Add/Update Accounts (Windows)

Quicken is unable to find my TD Auto Finance Loan Account

Hello. I'm using Quicken for Windows (Year: 2020, Version: R28.28, Build: 27.1.28.28) and I'm trying to add an AUTO LOAN account to Quicken for a TD Auto Finance Loan account I recently opened. I'm able to connect to the financial institution; however, Quicken is unable to find the loan account.

If I try to add the TD Auto Finance Loan account as a CREDIT CARD, Quicken is able to find it.

Does this mean that TD Auto Finance has (incorrectly) set up my LOAN as a CREDIT CARD? Is this something that I fix on my own, or does TD Auto Finance and/or Quicken need to fix it?

Thanks in advance for the help.
Joe C.
Tagged:

Answers

  • Tom YoungTom Young SuperUser ✭✭✭✭✭
    Auto loans,typically don't function as a "normal" amortizing loan whereby you can schedule out a regular monthly payment and know with certainty how much of each payment is principal and how much is interest.  They are much closer to credit cards in their calculation of principal and interest. 
    I wouldn't expect that TD Auto Finance has somehow done anything "different" with your particular loan and I'd bet that any Quicken user that has a loan with TD Auto Finance has encountered exactly what you're encountering. 
  • UKRUKR SuperUser ✭✭✭✭✭

    Since you're attempting to set up a loan account, create a "manual" loan account that is not connected to the bank for downloading. When you start the Add Account process select the account type and on the next screen click the "manual loan account" text link at the bottom of the screen. Perform the loan setup as of the next payment due and set up to use a Scheduled Reminder for the monthly payment from your Checking account. It will correctly transfer the amount of principal (and optional additional principal) from Checking to your loan account register in Quicken.

    As mentioned, the actual amount of principal and interest charged may differ by a few cents from what Quicken has calculated. Just review each of your monthly TD statements and edit the register transaction to make it match the amounts and balance shown on the statements.
This discussion has been closed.