recent update made adjustment to pay off auto loan; should still have balance

I updated to most current version of quicken and for some reason it shows an adjustment of the remaining balance of my auto loan on 1/29/21 but there is no such transaction and loan should still be outstanding. How do I correct this issue?
Thanks, Jim
Tagged:

Answers

  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    Hi @jchmiele13

    Sorry to hear that you are having issues with your loan account in Quicken. 

    Do you download transactions for this loan (or is it a "connected" loan), and if so, is it possible that there was a transaction that was downloaded which paid off the loan?  If not, could it have been a "memorized payee" transaction that you may have inadvertently recorded?  Can you describe what appears in the "Memo" field for the "adjustment". 

    I believe it is always best to try and determine why/how an unexpected transaction or account adjustment occurred.  However, if you are simply trying to get the balance right, you could simply delete the erroneous transaction or adjust the account balance to the "correct" amount.

    Frankx

                      Quicken H&B-Subscription Ver. 34.24 - Windows 10-Home Version
                                             - - - - Quicken User since 1984 - - - 
      -  If you find this reply helpful, please click "Helpful" (below), so others will know! Thank you.  -

  • shamrock_94
    shamrock_94 Member ✭✭
    Having the same issue, auto loan from USAA paid off as of 1/29/21, but cannot find transaction, or see transactions on auto loan account
  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    Hi @shamrock_94

    I strongly suspect that you have setup Quicken to download transactions for this loan account with USAA (in other words it is a "connected" loan). 

    If that is the case, and if you believe that the loan is actually still outstanding (i.e. - you didn't pay it off yet), it is likely that Quicken has incorrectly indicated that it is paid off.  I can't explain why, but many users have had issues with their loan accounts in Quicken when they are setup as "connected loans".

    If that is the case, I would suggest that you deactivate the loan in quicken and then modify the account register to reflect what USAA has as the current balance.  You will then simply need to manually record the loan payments (splitting the amounts between principal and interest) rather than downloading the information.

    Let me know if you have any additional questions.

    Frankx

                      Quicken H&B-Subscription Ver. 34.24 - Windows 10-Home Version
                                             - - - - Quicken User since 1984 - - - 
      -  If you find this reply helpful, please click "Helpful" (below), so others will know! Thank you.  -

  • shamrock_94
    shamrock_94 Member ✭✭
    I also have a checking and CC with USAA, I was able to deactivate and add those accounts as new. In setting up the new accounts, the auto loan shows as a line of credit. I tried to add as a loan, but the login information is not "correct"
  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    Hi again @shamrock_94

    I assume that you are saying that the "auto loan" is still "connected".  To fix that, you need to deactivate the account.  Open the account register in Quicken > Click on the "Gear" icon in the upper right >Go to "Edit Account Details" > click on the "Online Services" tab > in the "Online setup box - click on "Deactivate".

    Once it is deactivated, you will be able to manually enter and edit transactions to get it to agree with the actual account balance from your most recent loan statement.

    Let me know how the deactivation process goes.

    Frankx

                      Quicken H&B-Subscription Ver. 34.24 - Windows 10-Home Version
                                             - - - - Quicken User since 1984 - - - 
      -  If you find this reply helpful, please click "Helpful" (below), so others will know! Thank you.  -

  • shamrock_94
    shamrock_94 Member ✭✭
    I have deactivated all except the auto loan account as that is now showing as paid off on 1/29/21, even though the loan still has a balance on it and no longer shows as "connected" Once deactivating all USAA accounts, I can re-establish them all, but the car loan is not a loan, it is showing as a line of credit. As such it does not allow me to connect an asset to it, or show the amortization schedule. Does USAA no longer provide loan data to quicken to set the account up as a loan in quicken
This discussion has been closed.