Car loan setup and payments between accounts?

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KFD
KFD Member ✭
in Budgeting and Planning Tools (Windows)
I am trying to properly setup an auto loan in quicken. My daughter is purchasing the vehicle from me so there is no external loan from a bank. I do not know how to properly setup the payments so the loan amount is properly decreased. I have money coming out of my daughter's account paid to my personal account. Should I have the payments coming from my daughter's account going directly to the auto loan account? How do I get the money to get into my personal account properly? I thought this should be super easy but it does not appear to work as I have tried. Need help! Thank you.

Best Answer

  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭✭
    Answer ✓
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    If you have not already done so, I suggest you search Quicken's Product Help for Lender Loans.  You need to initially set up the loan as an Asset, not as a Loan.  There is a nice step-by-step process for how to set them up.
    This process will also allow you to set up a monthly Loan Reminder where you can enter the account you want the monthly payments from your daughter to be deposited to.  You can set up the Reminder to be automatically entered into that account register each month or you can do it manually.  Once entered into the Register it will decrement the amount of the loan your daughter still owes you.  Then when you bank downloads the transaction for the payment from your daughter Quicken will usually attempt to match it with that entered Reminder.

    (Quicken Classic Premier Subscription: R55.26 on Windows 11)

Answers

  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭✭
    Answer ✓
    Options
    If you have not already done so, I suggest you search Quicken's Product Help for Lender Loans.  You need to initially set up the loan as an Asset, not as a Loan.  There is a nice step-by-step process for how to set them up.
    This process will also allow you to set up a monthly Loan Reminder where you can enter the account you want the monthly payments from your daughter to be deposited to.  You can set up the Reminder to be automatically entered into that account register each month or you can do it manually.  Once entered into the Register it will decrement the amount of the loan your daughter still owes you.  Then when you bank downloads the transaction for the payment from your daughter Quicken will usually attempt to match it with that entered Reminder.

    (Quicken Classic Premier Subscription: R55.26 on Windows 11)

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