Auto loan setup downloads as Credit Card

gregb4
gregb4 Member ✭✭
As stated, trying to set up a new auto loan Quicken first asks for the bank (US Bank) , then acct log-in info, etc, but comes back with a credit card type acct. I cannot seem to correct this error changing the type of account in account list. The new auto loan is the only account I have at US Bank. There's no breakout of princ/int in downloaded payments, the dl does no go into the loan acct, and no info in prin/int categories. I'll probably give up on this waste of time since and amortization tables are rarely correct anyway and it's no longer needed for tax reporting. But this makes my Q net worth wrong.

Comments

  • UKR
    UKR SuperUser ✭✭✭✭✭
    The bank may not be supporting (be able to support?) Auto Loans as if they were mortgage-type accounts for downloading purposes.  Instead, they connect like credit card accounts.
    If you want correct breakdowns for principal and interest every month set up the account as an offline loan account and do not connect it to the bank for downloading.
    The loan setup process will talk you through the details for number of payments, interest rate, etc.
    As a result, you will also get a Scheduled Reminder for making your monthly payments from your checking account with breakdown for principal and interest, more or less correctly calculated for each payment. I'm saying "more or less" because Quicken uses mortgage-like calculations whereas the bank calculates interest slightly different. So, the amount of principal and interest due every month may be off by a small amount and you will have to correct this using the numbers from the bank statement.
  • gregb4
    gregb4 Member ✭✭
    Thanks. At least now I know it can't be done as an auto loan.
  • NotACPA
    NotACPA SuperUser ✭✭✭✭
    @gregb4 US Bank is my bank also ... but I've never had an auto loan with them ... so I can't help much there.
    You should be aware, however, that Auto loans are almost always "Daily Interest Loans" where the interest due on this month's payment is partially dependent upon when LAST month's payment was made. If you pay on the 1st of the month, you'll owe less interest in the next payment than if you paid on the 10th.
    This is in contrast to a "Monthly Interest Loan', where the interest is calculated month-by-month, which is why Q can calculate your payment amortization as soon as you set up the loan.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • gregb4
    gregb4 Member ✭✭
    Whichever loan, Q just doesn't work as well as it used to back in the day with manual setup.
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