Setting a car loan

[Maf. King]

On Sat 21 February 15 10:36:07 Andy Pastuszak wrote:
> I tried to set up my car loan in Gnucash and the calculated monthly payment
> doesn't match what the bank says I owe.  Gnucash says the monthly payment
> should be $294.78, but the bank makes me pay $299.11.
> 
> Thing is, I put the loan into other financial software and also comes up
> with $294.78.  So, it's obviously not the math that Gnucash is doing to
> calculate the payments.
> 
> Is there some way to deal with this situation?  Am I just stuck entering
> transactions manually?
> 
> The loan has 61 payments, and I am thinking that payment 61 is probably not
> a full payment and that's screwing up the math.
> 
> Is there a way to deal with loans that have a final payment that is
> different from all the others when trying to schedule payments?


IMHO,  it doesn't matter what GC or any other software says - the agreement 
with the bank is what is going to happen.  A few quid per month either way is 
close enough to confirm the bank are not overcharging - it all depends on when 
they apply the interest, and if interest is charged on the applied interest 
etc....

I would just schedule 61 payments in the SX subsystem, according to the 
lendor's schedule, and reconcile periodically that the loan agreement is being 
honoured.

If the final payment is less, well you have a few £ extra that month - you'll 
spot it quickly when you reconcile the bank account - and then a one-off 
manual adjustment is made...

0.02
Maf.