Is it cheaper to buy out a phone contract with Verizon or buy the new iPhone outright

Discussion in 'iPhone' started by metzy25, Aug 13, 2012.

  1. metzy25 macrumors 6502a

    metzy25

    Joined:
    May 7, 2011
    #1
    I just want to see if anyone on here has experience of either buying out a contract and starting a new one and paying the $200 or if it would be cheaper buying the new phone out right, I have until December on this contract as well if that matters. Anyone?
     
  2. mattopotamus macrumors G5

    mattopotamus

    Joined:
    Jun 12, 2012
    #2
    if you plan on going with a different carrier like straight talk, it will save you money to outright by the phone b.c you will only pay $45 a month for unlimited everything.

    someone in another thread posted that if you try to cancel and sign a new contract to save money, they make you wait 30 or 60 days before you can re-sign up.
     
  3. Diseal3 macrumors 65816

    Joined:
    Jun 29, 2008
    #3
    You can't buy out a contract sort of speak. If you port your number (effectively terminating your contract and being charged ETF) Verizon will not consider you a new customer for 90 days (correct me if time is wrong) not giving you a subsidy on a new device.
     
  4. metzy25 thread starter macrumors 6502a

    metzy25

    Joined:
    May 7, 2011
    #4
    I have two lines on my plan, I would pre order the new iPhone starting a 2 year contract, and then a few days after go in a buy out the phone Im using. I would only be be buying out this number. How wouldn't they let me buy out the number I'm using now after I sign a two year?
     
  5. mattopotamus macrumors G5

    mattopotamus

    Joined:
    Jun 12, 2012
    #5
    that actually is a really good idea, and kind of a way around the system. Do they let you open multiple accounts with the same name and information though?
     
  6. Diseal3 macrumors 65816

    Joined:
    Jun 29, 2008
    #6
    Ok if you plan on doing this was a family plan it shoulden't be an issue. Only a problem if it were an individual line.

    Price of ETF on Verizon is $350 minus $10 for each month of contract you fulfill.

    So assuming the following:

    16 GB : $200 + $350 = $550

    32 GB : $300 + $350 = $650

    64 GB: $400 + $350 = $750

    ETF has to be paid otherwise Verizon blacklist's the phone. Also I heard of some policy change with the new share everything plan that is supposed to make this more difficult so hopefully someone can chime in on that.
     
  7. dukebound85 macrumors P6

    dukebound85

    Joined:
    Jul 17, 2005
    Location:
    5045 feet above sea level
    #7
    + the one month of service and activation*

    *thanks mattoptmus for reminding me on activation
     
  8. metzy25 thread starter macrumors 6502a

    metzy25

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    May 7, 2011
    #8
    What's the one month of service?
     
  9. mattopotamus macrumors G5

    mattopotamus

    Joined:
    Jun 12, 2012
    #9
    you have to pay ahead for one month of service. So when you sign a new contract, you really pay the phone price, activation price, and 1 month of service.
     
  10. dukebound85 macrumors P6

    dukebound85

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    Jul 17, 2005
    Location:
    5045 feet above sea level
    #10
    You have to fulfill one month of service before able to ETF
     
  11. metzy25 thread starter macrumors 6502a

    metzy25

    Joined:
    May 7, 2011
    #11
    So I'd be paying around $520 and then $550 with tax since I would only have 3 months left?

    ----------

    I'd be using the new phone line I signed up for and using the etf on my line I'm
    Using at the moment.
     
  12. mattopotamus macrumors G5

    mattopotamus

    Joined:
    Jun 12, 2012
    #12
    i think he was confused about what plan you were canceling.

    you would pay $325 - $210 to cancel, since you fulfilled 21 months of your contract.

    I don't think you could sign up with your same info though. Like they would not let you be a new customer with the same information as your old account. Someone would have to do it for you.
     
  13. metzy25 thread starter macrumors 6502a

    metzy25

    Joined:
    May 7, 2011
    #13
    You mean +$210?

    ----------

    I would just be adding another line
     
  14. mattopotamus macrumors G5

    mattopotamus

    Joined:
    Jun 12, 2012
    #14
    then i guess that would work like i described. You would just have to pay the $325 minus $210 to cancel that old line. Honestly, they may let you upgrade since that is so close to the 24 month mark. The main thing they changed this year with upgrades (or so the rumor is) that they will not let you upgrade for $199 when you are only a year into the contract. In the past they would let you.
     
  15. metzy25 thread starter macrumors 6502a

    metzy25

    Joined:
    May 7, 2011
    #15
    What do you mean by $325 minus $210?
     
  16. mattopotamus macrumors G5

    mattopotamus

    Joined:
    Jun 12, 2012
    #16
    the ETF is $325 and you subtract $10 for each month of the contract you have fulfilled. You said you would only have 3 months left when you plan to cancel, so that would mean you fulfilled 21 months = $210 off the ETF price.

    oh well it is $325 with att and $350 with verizon, so $350 - $210.

    for your new phone you would pay

    $199 for the phone and $140 for ETF on the old line.
     
  17. metzy25 thread starter macrumors 6502a

    metzy25

    Joined:
    May 7, 2011
    #17
    Yeah that's what I was hoping for bu I wasn't sure. If not I'll do it the way with buying out my contract.

    ----------

    Alright I get it now, man I'm stoked.
     
  18. Arelunde macrumors 6502a

    Arelunde

    Joined:
    Jul 6, 2011
    Location:
    CA Central Coast
    #18
    If you have an additional line on your account - one without a contract using, say, an old flip phone - you should be able to upgrade by shifting that phone's upgrade to your existing line that's still in contract. This will re-initiate your contract to a full 2 years.

    This is what I plan (hope) to do. But Vz changes the rules so often, I'm keeping my fingers crossed that I don't have to keep that flip-phone line afterwards - or that they will even let me upgrade using the flip-phone's eligibility. I'm almost afraid to ask... but will when the iPh 5 is available.
     
  19. metzy25, Aug 13, 2012
    Last edited: Aug 13, 2012

    metzy25 thread starter macrumors 6502a

    metzy25

    Joined:
    May 7, 2011
    #19
    I wouldn't be able to buy the new contract out tho.
     

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