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There is no grace period after signing a car lease. This assumes that there was no misrepresentation or fraud in the inception of the agreement. Also, dealerships generally display a No Cooling Off Period in the financing office and similar language is customarily on the lease and other documents.
When choosing a car lease term, your choice will be largely dependent on the length of commitment you want to make. Short Term Lease. A short term car lease is generally considered to be between six and 24 months.