Add auto loan

maytonh

I searched previous posts first, didn't find anything that helped me. I bought a new car, and need to set up the loan. Its financed thru a local credit union. I attempt to link the asset (vehicle) to the loan from the credit union. When Quicken connects to the credit union it tells me no loan accounts found. When I use the Add Account tool in Quicken it does find the new loan, but adds it as a credit card account. I am not able to change the account from credit card to loan, and under the asset I cannot link to a credit card account. I set up the loan as a manual/off line account for now. But is there a way to connect the credit account from the credit union so I can use automatic downloads? Thanks.

Quicken Jared

maytonh said:

I searched previous posts first, didn't find anything that helped me. I bought a new car, and need to set up the loan. Its financed thru a local credit union. I attempt to link the asset (vehicle) to the loan from the credit union. When Quicken connects to the credit union it tells me no loan accounts found. When I use the Add Account tool in Quicken it does find the new loan, but adds it as a credit card account. I am not able to change the account from credit card to loan, and under the asset I cannot link to a credit card account. I set up the loan as a manual/off line account for now. But is there a way to connect the credit account from the credit union so I can use automatic downloads? Thanks.

Hello @maytonh, 

I am sorry to hear about this issue with adding accounts to online banking services. Thank you for reaching out about this on the Quicken Community. 

Before I can answer about the proper means of connecting your loan account, I do have some questions of my own. First, what financial institution is this loan account associated with? Also, do you have other accounts associated with this same financial institution? If possible, try looking into the connection method associated with these accounts by navigating to Tools > Account List in the upper menu at the top of the screen. Click the Edit button in the row of the account(s) associated with this same banking institution in the window that appears, then go to the Online Services tab in the next window. The connection method should be listed under the Online Setup callout box. Note that you may also look into this with the falsely identified 'credit' account that is created when you tried to add the loan account previously. 

I hope to hear more from you about this, if you should have the chance to follow up with me about this on the Quicken Community. 

Thank you,

Quicken Jared 

UKR

IMHO, it's not really necessary to connect the loan account for downloading. The offline loan account you set up will have a Scheduled Reminder or a Memorized Transaction which transfers the payment from your checking account, Principal amount to the loan account reducing its balance, Interest to an expense category, e.g., Auto:Loan Interest. Use that reminder and record it a couple of days before the due date.
The monthly principal for each payment is taken from the payment schedule and usually is within a few cents from what the bank actually charges. That means you may have to edit the payment transaction every month and input the corrected amounts for principal and interest based on what you see on your statement.