Why is my auto loan payment not the same as on the loan documents?

cmitch

I am setting up a new auto loan using Quicken Mac subscription service. The principal and interest are not calculating the total payment as on my loan document. The calculation is less and I have to add a small amount to make the total payment equal the monthly payment. Why is this? This is my second auto loan to add and the other loan did the same thing.

NotACPA

Q's loan wizard can only correctly calculate the Prin/Int split (amortization) for Monthly interest loans … just as most mortgages.

It can't calculate correctly for Daily Interest loans (such as almost all auto loans) where the amount of interest due on the next payment is largely dependent upon what day this month's payment is posted to the account.

You'll probably need to go back and edit each prior payment (when you get the succeeding loan statement) to reflect what the lender posted.

If the TOTAL amount of the payment is off, you can edit a memorized transaction to add that adjustment to such … so that it will carry forward.