Why is it important not to miss lease payments?

Failure to meet obligations for payment of lease payments entails penalties. Timely payment of lease payments will help prevent an increase in the payment burden on the business. Overdue lease payments may affect the lessee's credit history and make it more difficult for them to arrange leasing in the future. In an extreme case, if lease payments are not made on time, the lessor may repossess the leased asset.