Adding an auto loan to Quicken

Bob McLean
Bob McLean Member ✭✭
in Download, Add/Update Accounts (Windows)
When I try to setup my new auto loan with Mercedes-Benz Financial Services Quicken downloads the loan with a zero balance and shows the loan as being paid off. This is not correct as I have yet to make the first payment. If I setup the loan manually there is no way to connect it on line to MBFS.

Answers

  • Quicken Diana
    Quicken Diana Quicken Windows Subscription Alumni ✭✭✭✭

    Hello@ Bob McLean

    Thank you for posting in the Community, though I’m sorry that you are experiencing this issue with your new loan. How new is this loan? Many financial institutions will not require a payment for the first 60 days, and this may be why they are not yet providing the accurate information and figures. They themselves may not yet have the loan completely entered in their system and you may not be able to get an accurate download until closer to when a payment is due.  

    Are other figures correctly downloading such as Interest and principle? Is the loan amount that is indicated as paid off the amount that you owe?

    Thank you

    Quicken Diana


  • Quicken Anja
    Quicken Anja Moderator mod
    Hello @Bob McLean,

    Thank you for reaching out to the Community to tell us about your issue, though I apologize that you are experiencing this.

    Could you please provide which version of Quicken you have currently running?
    • Help > About Quicken

    Also, have you tried adding the account manually first, then navigating to Tools > Add Account to download the account and see if it will give you the option to Link to existing (see example below) in an attempt to link the downloaded account to the manual account?



    Please, check back and let us know! Thank you.

    -Quicken Anja
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  • NotACPA
    NotACPA Quicken Windows Subscription SuperUser ✭✭✭✭✭
    @Bob McLean   Connecting this loan to MBFS really won't do you much good ... as ONLY the principal payment will download (this is true of all loan types except HELOC /LOC) and you'll be left figuring out how to record the payment in your checking account as you WON'T be able to record the payment as a split with part going to loan principal.
    For a downloaded enabled loan, ONLY the downloaded principal payment can be recorded in the loan account.
    You'll be better off leaving it as a Manual loan, and recording the Prin/Interest split yourself in your checking account.

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

  • Bob McLean
    Bob McLean Member ✭✭
    Diana - I believe they have the loan setup. It was originated on February 27th and they have mailed me the first payment request which is due April 14th.

    Anja - I will try this approach. I have manually setup the loan. At this time the Quicken server is offline so will have to try to link later. I will let you know how that goes when able.

    NotACPA - That is interesting information. Since I do not have any accounts on which I pay interest I have yet to run into that problem. I do have several charge accounts that I payoff monthly, so no interest payment. This auto loan is a zero interest loan so all of the payment goes to principal. Thus there will be no trying to figure out the split. Which by the way I have the capability to do. My thinking is that this loan will look and act just like the charge accounts on which I am not making interest payments, with the total payment going to principal. If it turns out that it will not work that way then I'll do it manually.

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