Inaccurate Lease Amount - GM Financial

Wolsen

I have 2 auto leases with GM Finacial and while I am able to connect to the bank/institution and the accounts appear under vehicle loans, it seems to pull the buy-out amount (purchase price at the end of the lease) as opposed to the lease balance.  I did not actually know the purchase amount for these leases, so it was new information to find that out but not quite what I expect to have seen there.  

I did come from Quicken which I did have to set it up a manual loan account and link my bank payments to the loan account (have not investigated if this is possible yet in Simplifi), but this is not a major concern for me.   Also, maybe GM Finacial does not provide the lease amounts to Simplifi??  Don't know.

Overall, I do really like the cross platform (Web and iOS) of Simplifi compared to Windows Quicken (I had issues with its mobile app)- I'm digging it.

Coach Natalie

Hello @Wolsen,

Thank you for taking the time to post to the Community regarding this issue, although I'm sorry to hear that you're seeing a balance discrepancy in Simplifi.

We'd be happy to look further into this; to do so, please provide the following information:

1. The name of the account in question, as it appears in Simplifi.
2. A screenshot of the current balance as displayed on the bank's website.
3. A screenshot of the current balance as displayed in Simplifi.

Thanks in advance!

-Coach Natalie

Wolsen

Thank you Natalie for reaching out!  It's not so much a balance discrepancy as the balance Simplifi had was a correct value, just not the value I was expecting.

1. I've since removed (and can add back) the accounts to make them manual but (onto 2)
2. I cannot actually find a lease balance on the banks website, and this may be the problem?  They provide monthly payments, and number of payments, but do not provide a lease balance - I have to do the simple math to find the lease balance.  The only balance I can click through windows and menus to find is the purchase price (balance after lease payments are completed) which matched the balance found in Simplifi.

Will

Coach Natalie

Hello @Wolsen,

Thanks for posting back!

Unfortunately, I'm not sure that we'll be able to do much as far as aggregating the proper balance if you're unable to find that information on the bank's website. To clarify, has the bank's website always shown the buy-out amount, or is that a recent change?

You may consider tracking the loan accounts manually in Simplifi as you've done in Quicken. With manual loan accounts, you can actually manage your individual loan transactions and perform Transfers (link the bank payments to the loan account), etc., which is unable to be done with a connected loan account. Additionally, you'll be able to control the balance this way. 

More details on managing loan accounts in Simplifi can be found here. Please let us know what you decide to do!

-Coach Natalie