New Loan setup

I'm trying to set up a new auto loan - it gets to Loan Reminder and won't complete set up

Best Answer

Answers

  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    The basic problem with using the Loan Wizard for an auto loan (which is almost certainly a "daily interest" loan and not a "monthly interest" loan) is that the amortization for each payment depends upon what day that payment was received by the bank.
    And Q has no way of knowing that.
    For a monthly interest loan, the day of payment doesn't matter ... which is why the amortization for mortgage loans, and the like, can be calculated at any time ... even before the loan is originated.
    SO, your best option is probably to use the Loan Calculator to estimate the 1st payment, use those figures to create a regular payment and then Memorize and Schedule that payment.
    You'll need to adjust the amortization of EVERY payment, when you get the next statement, but at least the total amount paid will be properly withdrawn from your checking account.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Thanks very much for the reply. I'm able to get around the daily vs. monthly vs. the actual amortization schedule by subtly adjusting the interest rate - my issue is rather that it Quicken won't complete the set-up....when I reach the step of setting up the loan reminder (which I don't care whether I have or not), when I hit next it simply wants to repeat the step - I can't close it out without cancelling and then the new account disappears.
  • Hello @Neil Johnson

    Thank you for reaching out on the community and telling us about your issue. I do apologize for the issue you're having. For a bit of a better idea would you mind taking a screenshot of what exactly you're seeing when we freeze. This will give a bit better of an idea of what could be happening. I'll leave steps below on how to do so.

    https://community.quicken.com/discussion/7867159/faq-how-do-i-post-a-screenshot-in-the-community-from-windows#latest

    Note you may need to drag the photos into the response box in order to add them. 

    Once you get the chance let us know what you're able to find out. From there we'll see what we able to find next.

    Thanks,

    Quicken Francisco


  • Thanks Francisco. I've inserted an image (hopefully you can view it)....it is of the Loan Payment Reminder setup stage. When I complete this step by pressing "Done", it brings me back to the "Your Loan Reminder" page, and I can't seem to complete that cycle (goes back to New Loan Reminder again).
  • Quicken Francisco
    Quicken Francisco Moderator mod
    edited February 17
    @Neil Johnson

    Thanks for the screenshot and letting us know where exactly it's happening. That is quite odd it freezes there though. To start off I would recommend  trying to see if we might be able to fix the issue by trying a super validate. To perform a super validate we'll go across the top to file > file operations > (HOLD CTRL + SHIFT) validate and repair > Super validate file > OK. 

    Once you've done this see if you're able to get the loan to proceed further. If not we'll see what we can try next.

    Thanks,
    Quicken Francisco
  • Thanks for your help Francisco. I had a chance this evening to run the super validate (which completed successfully). Afterwards, I attempted to set up the Auto Loan again, but if stopped at the same point as before.
    Best regards,
    Neil Johnson
  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    edited March 2
    The theory is the adding of the reminder is failing and Quicken isn't handling the error properly.  You should confirm the issue doesn't reproduce in a test file, then attempt the Copy and Validate instructions as described in https://www.quicken.com/support/advanced-data-file-troubleshooting-correct-problems-quicken-windows which may be able to detect and correct the reminder issue.  The results reported have been mixed.  (Your post is the ninth discussion on this topic since December 2019 that I am aware of.)
  • @Neil Johnson

    Thanks for the update. Next thing we can attempt here is a mondo patch to see if we're able to get a different result. I'll leave the step down below. 

    https://www.quicken.com/support/update-and-patch-20182019-release-quicken-windows-subscription-product

    Once you have a chance try to see if we're able to get the loan account up.

    Thanks,
    Quicken Francisco
  • Tim Bruhn
    Tim Bruhn Member
    I am having the same issue when I try to add a new mortgage loan offline. I get to the add reminder screen. Fill out the details and when I hit next it takes me back to the add reminder screen to repeat the step. If I close it out then the new account disappears.
  • Quicken Francisco
    Quicken Francisco Moderator mod
    Accepted Answer
    @Tim Bruhn

    Thanks for letting us know. The next thing we can attempt if you're still having issues is a Qcleanui to see if we're able to get the mortgage working properly. I'll leave an article down below on how to do so.

    https://www.quicken.com/support/using-qcleanui-uninstall-quicken

    Once you get a chance try it out and let us know how it goes!

    Thanks,
    Quicken Francisco