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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.
A 24-month lease is rarely much different from a long term lease except for the length of the lease. Long Term Lease. A long term lease is considered to be a lease longer than 24 months. In many cases, this means three, four or even five years, although three to four years is the average length of time for a car lease.