Not enough monthly payments generated for auto loan
JBurks
Quicken Windows Subscription Member
I have an 84 month auto loan I track in quicken. Unfortunately, Quicken only created 39 payments and has calculated a balloon payoff. I have tried editing the loan and the number of payments will not extend for the life of the loan.
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Can you show us the loan details view: loan amount, interest rate, etc.?
Can you please capture one or more images of the parts of your Quicken window showing the issue, sensitive information blacked out as necessary to protect your privacy but annotated to describe the situation, and attach the image(s) here?
https://community.quicken.com/discussion/7867159/faq-how-do-i-post-a-screenshot-in-the-community-from-windowsPlease save images to files of file type PNG, JPG, or GIF only. They're easier to work with than PDF files.
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After I posted, I finally discovered what has caused the issue. In between my regular monthly payments, I transfer additional money onto the loan. Quicken counts each of those transfers as a monthly payment. Changing the number of payments for the year from 12 to 36 has extended the timeline if Quicken and eliminated the calculated balloon payment0
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If you do pay additional principal, when recorded correctly, the number of payments should reduce itself.However, for the calculation to be correct, I strongly recommend you record these additional principal payments by using a 3rd line in the Split detail.
Here's an example from my mortgage payment. You just use the categories from your regular payment for transfer to loan account and interest category. Line #4 can be blank:
If you record this as a separate payment, set Principal = 0.00, Interest = 0.00, additional principal = the extra amount you paid.If you pay additional principal with your regular monthly payment, leave the calculated lines #1 and #2 as calculated and put amount in line #3.
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