Prepare Phone Lease For Free

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.

At the end of the lease term, you have the option to: Return the phone and lease a different one. Sign a new lease for the same smartphone. Purchase the smartphone that you've been leasing.

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.

End of Lease turn-in If you decide not to keep the phone, you must turn it in at a T-Mobile store. You can then decide to start a new lease on a new phone, or talk with our team about other upgrade options, such as an Equipment Installment Plan (EIP).

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.

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.

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.

When you pay off your device: You continue paying your monthly costs for your talk, text and data plan, but you no longer have a device payment charge on your monthly bill. Any monthly promotional credits you're getting will stop.