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If your device is lost, stolen or damaged, you're still responsible for your monthly device payments until the agreement is paid in full. If you have device protection on your device, you can file a claim with for a replacement device and continue with your monthly payment.

If you're financing your new cellphone purchase, or leasing one, you might experience several impacts on your credit. First, the creditor (whether it's the company or a partnered bank or credit card issuer) may check your credit when you apply.

Smartphone leasing may or may not require a credit check, depending on the company from which you're getting the phone. This could make it a good option for people who don't have sufficient credit to purchase a regular contract phone.

Financing or leasing through a wireless carrier will not help you build credit since they don't usually report activity to the three major credit reporting bureaus (Experian?, Equifax® and TransUnion®).

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).

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.

Upon purchase, your Apple Pay Later loan and payment history may be reported to credit bureaus and impact your credit.