A financed phone is purchased through a carrier with a service contract, and the phone is paid off over time through monthly payments. Once the phone is paid off, the customer owns it outright.
Sometimes, however, customers may find that they no longer want the financed phone. The most common reason for this is upgrading to a newer model. Whatever the reason, there are a few options for dealing with a financed phone you no longer want.
1. Sell The Phone
When you’re finished with your phone, the easiest way to get rid of it is to sell it. There are several ways to do this, each with advantages and disadvantages. You can sell it online through an auction or classified ads site, or you can try to sell it to a friend or family member. You can also try to trade it in for a new phone at a store. Whichever method you choose, be sure to research the best price before you sell.
Selling your phone online is the quickest and easiest way to get rid of it. Most people would ask, can you trade in a phone that isn’t paid off? Yes, there are ways you can sell your financed phone under contract, but you’ll have to work a little harder to find a buyer.
The best way to do this is through an auction site like eBay, which usually gets you the most money, but takes more time than selling through a classified ads site like Craigslist. Trading your phone at a store is the least hassle-free option but generally offers the lowest price. Choose the method that fits your needs and comfort level, and be sure to research prices to get the best deal possible.
2. Return The Phone To The Carrier
When customers no longer want their financed phone, the first option is to return it to the carrier. This must be done within the first 14 days of owning the phone, and the customer will likely have to pay a restocking fee. If the phone is returned after the 14-day window, the customer may be subject to additional fees or unable to return the phone.
This can be done by bringing the phone to a retail store or mailing it back to the carrier. Customers must cancel their service contract and pay any cancellation fees when returning the phone. If the phone is returned in good condition, the customer may be able to receive a refund for the remaining balance on the phone.
3. Give The Phone Away
If you’re not concerned about making money from your old phone, you can always give it away. Several organizations, such as domestic violence shelters, senior citizen centers, and schools, accept donated phones. You can also give the phone to a friend or family member who could use a new one.
Giving your old phone to charity is a great way to get rid of it without worrying about selling it. If you do this, clean the phone of your personal data so that the new owner cannot access your information.
4. Exchange The Phone For Another Model
If you’re interested in upgrading to a new phone but don’t want to pay the full price, some companies offer trade-in programs that let you exchange your old phone for a new one. This usually involves sending your old phone back to the company and paying a fee, but it can be worth it if you’re planning on buying a new phone anyway.
Exchanging your old phone for a new one is a great way to get rid of it without worrying about selling it or giving it away. Be sure to research each program’s fees and terms before deciding which one is right for you.
5. Keep The Phone And Pay It Off Early
If you’re not interested in upgrading to a new phone but still want to get rid of your old one, you can keep the phone and pay it off early. This will save you money in the long run, as you won’t have to pay interest on the remainder of your contract.
Keeping your old phone and paying it off early is a great way to save money, but you’ll still be stuck with your old phone until it’s paid off. Be sure to factor this into your decision before deciding whether to keep the phone.
6. Trade In The Phone For Cash
If you’re not interested in keeping the phone or upgrading to a new one, you can trade it in for cash. Several companies will buy your old phone, usually for less than you would get if you sold it yourself.
Trading your old phone for cash is a quick and easy way to get rid of it, but you won’t get as much money as you would if you sold it yourself. Be sure to research each program’s fees and terms before deciding which one is right for you.
7. Return The Phone To The Company
When you’re finished with your phone, there are a few things you need to do before you return it to the company:
• Make sure you delete all your data from the phone. This includes photos, contacts, and other information that could be used to access your account or steal your identity.
• Remove the SIM card and any other removable storage devices from the phone.
• Pack the phone in its original (or another sturdy box) and ship it back to the company.
Returning your old phone to the company is a quick and easy way to get rid of it, but you may have to pay a fee. Be sure to research the terms of your contract before deciding whether this is the right option for you.
There are several ways to deal with a financed phone you no longer want. Choose the option that fits your needs and comfort level, and be sure to research prices to get the best deal possible. The most important thing is to delete all of your data from the phone before you get rid of it so that your information remains safe.