Lease Payment Due 1st and 31st am I going crazy?

Ask the Hackrs
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1

Signed for a new 2022 Jeep 4xE Rubicon on 8/1/22 and on 8/29/22 I received my first statement claiming my due date for my second payment was 8/31/22?

I assumed (mistake) that I was paying the first months payment and then the next payment would be due sometime in September like a mortgage or other car leases that I have had over the years.

My lease document does say 36 months, with the first payment due on the 1st and then due the 31st thereafter.

Am I living in fantasy land expecting that payment to cover August and then at the end of August I should get statement for September. I swear that every other lease that I have had was that way. Am I going crazy?

There was plenty of other shady stuff in the finance office so I would not be surprised that they were just squeezing from another angle and I missed it.

Shame on me for missing it if I did. I should know better…

If the answer is - your obligated to whatever your lease says - I get it. I am actually more sad for the dealer that was that hard up to make an extra $400-$500 bucks.

2

You are paying for the next month so the 8/29 payment is for September and you got your first months use via your upfront payment. Keep in mind you have 35 payments due after signing.

3

It all equals out when Feb rolls around.
It’s 36 payments total so don’t fret over how the days shifted by 1

4

You did.

Your second payment was due on the first 31st after your first payment, which was collected on 8/1 when you signed.

If you had signed (and your first payment had been collected) on 8/10, your second payment would have been due on or about 9/9.

5

Thanks for keeping me in check.