Adding a auto loan (Ford Credit)

jnprop
jnprop Member ✭✭✭
When I add my  auto loan with Ford Credit to Quicken everything goes as planned. But when looking at the account, it states "this loan is paid off"  I WISH!!!  But seriously, the loan is active.  I need help with this issue.  There is no instance to edit the loan balance or such. It basically is like the account is closed. 

Comments

  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    I believe that when you set up the loan Account you made it a "downloading" loan where the Financial Institution "pushes" payment of principal into the Account.  For whatever reason, (almost certainly because Ford Credit uses Express Web Connect, an error prone and somewhat unreliable method), there are many, many posts in here exactly like yours; Quicken says the loan is "paid off", when it isn't.  When you have a downloading loan you have no access to the loan register, that's why you can't edit anything.
    I think there's two approaches here:
    1. Set the loan up as a non-downloading loan, and have the loan principal reduced in the Account by the payments make in your checking Account.  Quicken doesn't really have the ability to accurately account for most auto loans - these loans typically aren't "normal" amortizing loans, like a mortgage, so you probably will find small ($1<) differences between Quicken and Ford Credit that you can correct by editing the split payment.
    2. Contact Quicken and tell them about the problem.  EWC requires that Quicken write a unique "script' (small program) to log into a Financial Institution to be able to find needed information, and sometimes the Financial Institution makes changes to their screens without telling Quicken about the changes.  That might be the case here.
  • jnprop
    jnprop Member ✭✭✭
    @Tom Young   Thanks for the great comment. I agree 100% 
  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
    @jnprop, slightly disagreeing with @Tom Young, auto loans ARE "normal amortizing loans" ... it's just that they use Daily interest instead of Monthly interest as do mortgages ... and the Q loan wizard has no idea as to what day your last loan payment was posted so it can't properly calculate the amortization schedule on a daily interest loan.
    The upshot is you still need a manual loan and to edit each payment split.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
This discussion has been closed.