Lock Up Us Phone Lease For Free

No, you will not own the device at the end of your leasing term. However, you do have the option to buy your phone at the end of the term by paying the balance off. Cell phone leasing plans are payment plans where a carrier charges you each month to "rent" their phone.

If you no longer want to have a lease, you can either return the phone to your carrier or pay off the balance and take complete ownership of the device. Therefore, unless you pay off the balance, a leased phone is not yours to sell. If you stop making payments and don't return the phone, you're going to get in trouble.

Keeping a smartphone at the end of a lease term may require paying a buyout fee to purchase it. Leasing could save money over buying new phones, but it doesn't convey ownership, similar to leasing a car or an apartment.

Leasing a phone is similar in concept to monthly installments, as you pay a specified amount per month?the main difference between the two is that you won't keep the phone at the end of a lease, whereas the phone is yours when paid for through monthly installments.

What Happens If You Don't Return a Leased Phone? This depends on where you are with payments. Some carriers let you continue paying the fee to lease the phone. However, if you're late with your payments and have not returned the phone once your lease has expired, this information may end up on your credit report.

When you finish paying it off, the phone is yours to keep. You do not have to turn it in. You can just start another installment plan.