Cooling-off Period

A cooling-off period applies only to the leasing of vehicles. If you enter into a lease agreement, you may cancel the lease without penalty or fees within the one clear day period that a motor dealer is required by law to physically keep the vehicle in their possession. You may waive this requirement in writing if you want to leave with the vehicle. Dealers are required to notify you in writing of the cooling-off period, and your right to waive it, before you enter into the lease. The written waiver may be a term in a lease agreement and you should inspect the lease documents carefully. There is no cooling-off period for the purchase or financing of a vehicle in British Columbia. However, a dealer may have a return or exchange policy. If they do, you should get a copy of their policy in writing.