New Loan Payments not calculated correctly
A new auto loan was created. The loan is through Carmax Auto Finance, and it was attempted to create the loan as on online account. However there is a known ongoing issue where new accounts at multiple financial institutions (including Carmax Auto Finance) cannot successfully be added ("Quicken couldn't find any accounts to add").
So the loan was created as a manual offline account, which is fine. Except after correctly entering and verifying all the loan details, including Daily Interest Accrual, The first payment is incorrectly calculated.
And while it is possible to add additional principle to the payment, it is not possible to adjust the Quicken calculated interest or principle.
So I will end up splitting the payment details manually, as i already do with my mortgage. Other than calling the account an Auto loan, there is no apparent benefit that i can see to the loan function in Quicken.
Comments
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At least in my Quicken for Windows, an Auto Loan never calculates correctly, because, as you have found out, the Daily Interest calculation differs from a mortgage's interest calculations. So, yes, unfortunately, an Auto Loan will always be off by a small amount.
To correct that, and because I also couldn't edit the Quicken-calculated principal and interest amounts, I have always adjusted the monthly payment transaction after recording it into the register. That's where I could make the necessary edits for principal and interest, to keep them and the loan balance in sync with the monthly loan statement.0 -
I'm having the same problem. Did Support give you a timeline for resolution on adding CarMax accounts automatically? I've bought multiple cars from them and never had this problem adding them to QfM before.
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No I've not heard anything, and don''t expect to. I tried adding the loan again today. It now goes one step further but it still fails. I'm disappointed in Quicken.0
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Just my 2cents' worth …
I would not bother attempting to activate any loan or mortgage accounts for downloading. I would just simply set them up as "offline" (manual) loan accounts with a Scheduled Reminder to record the monthly payment from your checking account.
(Not discussing LOC or HELOC accounts here. They should be set up as offline credit card accounts)At least in Quicken for Windows, an online-connected loan or mortgage account does NOT have a transaction register. All data shown in the account come from whatever information the bank downloads to you ... if this process works at all.
As a result of being connected, the scheduled payment transaction reminder cannot transfer the amount of principal paid into the (non existent) account register and must use a category, usually something like Loan:Principal, instead. The category name seems to vary with the Loan Type you selected when creating the loan account in Quicken.
Effective with Quicken Windows 2018 and newer
you can deactivate an online-connected loan account and regain full control over your transaction register. However, you should still review the Scheduled Reminder (or Memorized Payee List entry) associated with the monthly loan payments to ensure they now transfer Principal to the loan account register and not to a Category.If you're a Q Mac user, you should be able to do something similar about setting up and maintaining an offline mortgage account together with a correctly calculated Scheduled Transaction Reminder for the monthly payments from your checking account.
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