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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.
1 The common misconception about this grace period is that itâs âfree coverageâ. 2  There is no free coverage â the policy on the new car will be backdated when you notify the insurance company and you will pay for that time period.