No, when you lease a phone from Sprint you do not get to keep it. You will typically have to enter into an agreement with Sprint lasting 18 months, or sometimes 24 months, and at the end of the term you will either have to return the phone to Sprint, or pay the remaining balance to purchase the phone.
With a leased phone, you also do not get to choose the phone, as you would when buying one outright. You will be limited to the selection that Sprint makes available.
Can I keep my leased phone?
Unfortunately, no, you cannot keep your leased phone. Most phone leasing programs require you to turn in your phone at the end of your agreed upon lease period. Generally, you have the option of paying a fee to keep the phone, but this is usually not recommended.
Generally, phone leasing programs offer you the opportunity to upgrade to the newest phone model before the end of your lease, which is the best option. That way, you are able to keep up with the latest cell phone innovations while still reaping the benefits of a phone leasing program.
What happens when you lease a phone?
When you lease a phone, you’re essentially entering into an agreement with a mobile carrier to pay a certain amount each month for the use of a cell phone or mobile device. This amount often includes an additional fee for the phone itself.
Depending on the carrier, you may be signing up for a long-term contract or for a shorter term. With a long-term contract, you have the option to upgrade your device after making a certain number of payments.
In most cases, you must make all of your payments on time or the leasing can be cancelled. Some carriers also may require a security deposit to ensure payment for the duration of the payments.
When you lease a phone, you can typically choose from a variety of models and features, which may include different options such as international roaming, data packages, and phone accessories. Your monthly fees are usually in addition to taxes, fees, and other charges associated with the device.
At the end of your lease term, you typically have the option to return the device and upgrade to a new model, or you may be able to purchase the device at a discounted price based on the terms of your agreement.
Depending on the plan you choose, you may also be able to trade in your old device for credit towards your new phone.
What happens after 18 month lease with Sprint?
Once an 18 month lease is up with Sprint, the customer has a few different options. They could opt to extend the agreement for additional months, purchase the phone that was leased, choose to pay an Early Termination Fee and switch carriers, or simply return the phone to Sprint and choose to stay with Sprint on a month-to-month plan or switch to another phone with a new lease agreement.
If the customer chooses to purchase the phone that was leased, they must pay the remaining balance listed on their billing statement and the phone becomes their primary line of service. If the customer chooses to pay an Early Termination Fee and switch carriers, they should expect to have to pay an Early Termination Fee for their current lease and any costs associated with switching carriers.
Finally, if returning the phone to Sprint, the customer should expect that the remaining balance listed on their billing statement will be canceled out from their account. Additionally, any deposit fees paid prior to starting the lease agreement would be returned to the customer.
How does Sprint Forever lease work?
Sprint Forever is a special device lease plan offered by Sprint that allows you to lease a new device forever. With Sprint Forever, you pay a fixed, low monthly payment in exchange for keeping the same device and renewing your lease every 18 months.
The lease payments are typically much lower than traditional contracts, providing you with more budget-friendly options. If you need an upgrade, you can trade-in your current device as part of the renewal process, and receive a new device in exchange.
The key benefit of Sprint Forever is that you are always eligible for upgrades — you don’t need to wait until your current phone contract has expired. It also allows you to spread the cost of upgrading your device over several years, as well as potentially saving money over traditional phone contracts.
You can start your Sprint Forever lease by selecting your desired device from Sprint’s approved list of devices, and then selecting an eligible Sprint payment plan. It’s important to remember that you will be responsible for all costs associated with the device, such as taxes, shipping and handling fees, and any applicable overage charges.
And, of course, you must continue to maintain an active monthly account with Sprint to keep your Sprint Forever lease active. Once you have returned your current device and renewed your lease, you will receive a new device — and you can start the process all over again!.
How do I get out of a Sprint phone lease?
If you would like to get out of a Sprint phone lease agreement, you have a few options. The most straightforward way to get out of a phone lease agreement is to simply pay off the remaining balance on the phone and return it.
Depending on the age of the phone and agreement, the remaining balance could be anywhere from zero to the full cost of the phone. You may also be able to transfer the lease to another person if you’d like to give someone else the opportunity to use the phone.
A more lenient option is to work with Sprint to determine if a buyout option is available. A phone buyout option essentially allows you to pay a lump sum to own the phone outright, instead of making monthly payments.
Sprint may also allow you to downgrade to a cheaper phone and pay off the remaining balance on the current phone.
Finally, you can contact Sprint customer service to see if any further options are available. It may be possible to work out a deal that works for you, such as an early termination fee or a discounted buyout.
No matter which route you take, you should take the time to read through your Sprint phone lease agreement before making any decisions. This will help ensure that you understand the terms of the lease and your options for terminating the agreement.
How much does it cost to cancel Sprint lease?
The cost to cancel your Sprint lease depends on when you cancel and your remaining lease payments. If you decide to cancel your lease with Sprint before the end of your contracted term, you may incur an Early Termination Fee.
The amount of the Early Termination Fee (ETF) will depend on when you cancel and the remaining amount you owe on your monthly lease payments. The ETF may range from a minimum of $350 up to the remaining balance of your lease payments.
Additionally, Sprint may also charge an Equipment Installment Plan balance for any equipment purchased during or after the start of your contract.
If you return your leased device to a Sprint store or ship it to the company’s returns facility and have paid all your Sprint bills, including any Early Termination Fees, you will pay nothing further.
In any other case, you may be charged for any remaining balance on your agreement or for any devices or accessories that you keep. The amount of that charge will vary depending on your specific situation.
You can contact a Sprint representative to determine the exact charges you may be liable for if you choose to cancel your lease.
What happens if you don’t return a leased phone to Sprint?
If you don’t return a leased phone to Sprint, you may be subject to several penalties. Sprint may charge you the full balance of the lease or the purchase price of the device, as well as any applicable taxes, fees, or service costs.
You may also be charged for usage made after loss or theft of the device, as well as applicable late fees. Additionally, you may be held responsible for terminating your service with Sprint, including outstanding balances or fees associated with terminating your service.
Finally, your credit report may be negatively impacted, as delinquent accounts will be reported to credit bureaus.
Do I own my phone after 24 months?
After 24 months, you will technically still “own” your phone, but it depends on your phone contract. With most phone contracts, you can make payments on your phone for a certain period (often it’s 24 months) then pay the remaining balance due on your phone, which is typically much lower than the amount you paid when you first got the phone.
This means that if you make all of the payments owed on the phone, then you will own it outright once the payments are complete. However, if you don’t complete the remaining balance payments by the end of the 24-month contract period, you will still own the phone, but likely owe money on it.
Additionally, some phone contracts allow you to upgrade to a new phone after the 24 month period is up, while others require you to return the phone to the carrier.
Is leasing a phone good for credit?
Leasing a phone can be a good way to help your credit if you make timely monthly payments. By making these payments in full and on time, you are demonstrating to lenders that you are responsible with credit and can be trusted to repay debt.
This can help improve your credit score, making it easier to get approved for a loan, or qualify for other types of credit in the future. If you do decide to lease a phone, it’s important to stay current on payments, as missed or late payments could adversely affect your credit standing.
How long does a phone lease last?
Typically, phone leases last anywhere from 12 to 24 months, depending on the provider and specific plan. The length of the lease will be indicated on the contract you sign before committing to the plan.
After the lease is complete, you will either be able to purchase the phone for its remaining cost (subtracting any payments you have already made) or upgrade to a newer phone and start a new lease. Alternatively, some providers may offer you the chance to extend your lease for an additional period of time.
What credit score do you need for Sprint?
Sprint requires you to have a credit score of at least 600 in order to open a new account. This is on the higher end of the credit score scale, and may require you to take steps to improve your score before being able to open an account.
Some of the ways you can work to improve your credit score include paying all of your bills on time every month, avoiding large purchases, and keeping your credit utilization (the amount of credit you use compared to the amount of credit you have available) low.
Additionally, if you have any existing debt, it can be beneficial to work to pay this debt off in order to improve your credit score. By following these steps and working to improve your credit score before applying for an account, you may be able to qualify for better terms and conditions, as well as potentially unlock discounts or additional rewards through Sprint.
Does T Mobile pay off Sprint lease?
Yes, T-Mobile will pay off a Sprint lease. T-Mobile is offering a limited-time promotional offer for users to switch from Sprint to T-Mobile by offering to pay off the remaining balance on your Sprint lease.
This promotional offer applies to smartphones purchased on a 12, 18, or 24-month Sprint Flex Lease. To qualify, you must be an active T-Mobile customer who is switching their phone number and activating a new line of service within 30 days of the Sprint device being paid off.
Customers also need to provide proof that they currently have a Sprint Flex Lease phone. Once approved, T-Mobile will submit payment directly to Sprint on your behalf and they will take care of the rest.
What is Sprint 18-month Flex lease?
Sprint’s 18-Month Flex Lease is a no annual service contract option available on select devices. With this lease, customers are given the flexibility to upgrade to the latest device with no additional costs or fees.
Customers can also choose to purchase their device with the lease for a low cost after the 18th month. Sprint also includes Unlimited 2GB of data with every 18-Month Flex Lease. This offer allows customers to stay connected to their favorite apps and services wherever they go.
The 18-Month Flex Lease is a great option for those who like to update their phones with the latest technology or those who don’t want to commit to an annual service contract.
Do I have to return my phone after my contract ends?
No, you do not have to return your phone after your contract ends. When your contract ends, you will be able to keep your phone and either continue to use it on your current plan or shop around and switch to a different service provider if you choose to.
Depending on your service provider, you may be eligible to upgrade after your contract ends and receive a new phone. Many service providers also offer a discount for customers who stay with them after their contract term.
So, you are not required to return your phone but are free to do so if you would like to upgrade or switch service providers.