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Regarding phones, you would select a device to lease, pay monthly installments, and return the device at the end of its lease agreement period.

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).

Phone leasing agreements Once the leasing term is up, you can either swap the old phone for a newer one (at likely a more expensive leasing cost), pay off the remaining cost of the phone immediately to own it outright, or switch to an installment plan to pay off the remaining cost that way.

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.

Shop at any of our retail partners with confidence knowing that you can lease the iPhone 11, iPhone 12, or the iPhone version that best fits your lifestyle even though you have less than perfect credit.

The phone you were leasing must be returned in good working condition and undamaged.

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.

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.