Leasing is a global industry, and one assumes that people qualified in matters of finance understand how the industry works. This statement as tongue and cheek as it is sums up the industry. The leasing industry relys on people involved within the leasing process to think they know what they are doing. Afterall isn't it straight forward. This industry in Overholds or automatic renewals alone takes in hundreds of thousands of dollars.
This a a result of you the lessee forgetting to exercise your proper option date. Do you want to buy, extend the lease or send the asset back? As long as you hold on to the asset, the lessor has the right to bill you for the asset. They count on the lessee to forget and be charged accordingly. Your interest rate just went up.