Car Loan - incorrect payoff date
I have 60 month car loan started in March 2019 and final payment is February 2024. Quicken, however, thinks the final date is December 2023. I'm not sure why. Each month after a payment is made and recorded, Quicken adjusts the monthly payment. As I get closer to the final date, the monthly payment grows and grows to match December 2023, not February 2024. Any thoughts what I could change to fix this? Thank you
Comments
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As you recorded each monthly payment, did you edit it to adjust principal and interest to the exact same amounts that were reported on the loan company's monthly statement? Does your account register's running balance match the monthly statement every month?
Because car loans actually are calculated more like credit card loans than home mortgages, Quicken cannot accurately calculate a monthly payment to the penny. There's always a small difference. In some cases, you may have to add a small 'extra principal' line to your payments to balance the difference.0 -
Yes, remaining balance is matched. But for some reason, Quicken thinks it ends on the 58 payment, not the 60th. Very weird
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