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Lost/stolen iPhone 7 purchased via IUP, what now?

What I find interesting is that someone has the misconception that when you do financing through AT&T or Verizon you are using credit. You're not. You're just splitting the payments with no interest and in turn you can upgrade every year. Not only that... but I'm only ever paying for half the phone. Never the entire phone.
So in reality, those that choose the financing are paying less than those buying the one outright.
So let's go back now and examine who's dumb...
 
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Aibocyrus said:
What I find interesting is that someone has the misconception that when you do financing through AT&T or Verizon you are using credit. You're not. You're just splitting the payments with no interest and in turn you can upgrade every year. Not only that... but I'm only ever paying for half the phone. Never the entire phone.
So in reality, those that choose the financing are paying less than those buying the one outright.
So let's go back now and examine who's dumb...
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But I have a phone to sell after the year so it's most likely a wash.
 
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noobinator said:
But I have a phone to sell after the year so it's most likely a wash.
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I end up only paying $435 for the phone all said and done. So let's say we both sell our phones for $450... I come out at $885 in my pocket. People buying outright and upfront are coming out at $450

So technically those on finance still come out ahead.

These numbers are coming from 7 plus 128GB
 
Except that I sold my 64GB iPhone 6s Plus last month for $550 not $450. I paid $849 for it upfront when it was new in September 2015, so I was only out of pocket $300 for the year that I used it.
 
That's fair enough.
Like I said though. It isn't a credit line doing carrier financing. The facts should be looked into before people start calling other people dumb.
And this guy that's so concerned about how other people are spending their money, yet it's him dropping almost a grand on the phone. He keeps talking about "any reasonable person.." well... I think that any reasonable person in a bad financial situation that wants an iPhone would do financing through a carrier considering they only ever end up paying for half of the phone. Not the full amount.
 
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Leo90 said:
But it is dumb to buy any consumer electronics on credit. If you can buy it outright, do it! If you can't, well maybe iPhone is not for you. Hold on your budget
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This is ignorant. I could have bought my iPhone SE and Galaxy S7 Edge up front, but I chose to do monthly payments since both are interest free and it meant not having over $1000 taken out of my account in such a short time.
 
Leo90 said:
Sure, like I said each one knows what he/she does with his/her money. But I think any reasonable person should not want to live above his real current financial situation, creating credit lines for a consumable or device that gets osbolete in 3/4 years. That is not a smart move.
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I guess you don't finance vehicles either. Pfft.
What exactly is the difference in a 0apr loan and paying in full?? I paid in full this time but it's my first time doing so. Anytime you can get 0%apr loan on anything it makes MUCH more sense than making yourself cash poor. Truth.
 
Well, if you have renter's/home owners insurance; or if it was stolen from a car, i'd check into your policy and see if you could file a claim.
 
Leo90 said:
But it is dumb to buy any consumer electronics on credit. If you can buy it outright, do it! If you can't, well maybe iPhone is not for you. Hold on your budget
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You clearly are a college kid with a very poor understanding of personal finances. While yes, one should generally not buy what they cannot afford.

But in this case there is 0% interest meaning whether you buy it up front or on IUP/carrier financing, you are paying the EXACT same price at the end. After 12 months the people on payments can in fact choose to turn the phone back in or pay it off; depending if the old models are worth more than the amount still owed in payments. So far yes, but that could change at any time any year.

In fact this year, I owed $299 left on my carrier payments on my 64gb 6S after 12 months, and sold the phone for $440 on Swappa (400 after shipping and paypal fees) so I MADE $100 by upgrading.

In fact IUP does a credit check so it will actually HELP your credit. If you pay cash for everything you will never ever build credit to buy a house or other big ticket items people do not buy cash.
 
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Aibocyrus said:
I think this kid gets it that he's in the wrong now and has chose. Not to speak up further lol
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Well, I just don't want to waste more of my time trying to expose my opinion about how insane the idea of having a credit on a phone is. It is unbelievable that nowadays we have credits for everything at expense of imaginary money and value created by banks out of thin air. But hey, if you are happy with your credit, go and use your phone instead of being butthurt about an opinion on a forum.
 
Relentless Power said:
I can appreciate your situation being a student, having to be savvy how you spend your money and reselling your iPhone. But not everyone treats the situation as yours. Which I previously explained.

Some choose to sell the iPhone and maybe they do use the money to contribute towards a new iPhone as yourself. Others may pass the iPhone to down to another family member or friend, which seems to be a fairly reoccurrence, being the lifespan on iPhones last for a long time.

And there is nothing wrong for wanting the latest and greatest, it's the world we live in. That's why carriers have implemented a plan where they will pay off the remaining balance owed on a device when they are ready to upgrade, assuming they meet the carriers standards. And my carrier to upgrade annually has no interest rate. Again, everyone has a different situation than yours with different options.

Using the word 'Dumb' does not apply to every situation and it appears you being a student, your limited in with money, as where others have expendable income to do so as they choose. If a customer meets the obligations and has the money to do so, then so be it.
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It's just ignorance speaking when they consider someone with less money dumb. That's what his statement dumbs-down to. It's a poor generalization. If someone can't phantom that an investment into electronics could lead someone to a better future, while still being able to pay for rent and food ..
 
How is buying it upfront any different than losing it on the iUP? Does one cost more than the other...No! Stop with the ridiculous responses. Why would I pay in full when they are lending me the money for free!? If I lose the phone, I pay the loan off and am in the same spot as if I had lost the phone that was paid in full. SMH.
 
Aibocyrus said:
I end up only paying $435 for the phone all said and done. So let's say we both sell our phones for $450... I come out at $885 in my pocket. People buying outright and upfront are coming out at $450

So technically those on finance still come out ahead.

These numbers are coming from 7 plus 128GB
Click to expand...

What? 435 for the phone?
 
Leo90 said:
Well, I just don't want to waste more of my time trying to expose my opinion about how insane the idea of having a credit on a phone is. It is unbelievable that nowadays we have credits for everything at expense of imaginary money and value created by banks out of thin air. But hey, if you are happy with your credit, go and use your phone instead of being butthurt about an opinion on a forum.
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Well. You're wrong because I never took out credit to finance the phone.
Why don't you use the phone you paid outright for to google how carrier financing works.
And meanwhile, you're paying full price. I'm only ever paying half the full price. And I STILL didn't have to take out a credit line or have a credit check done to do so. Again. Learn before you speak so you don't sound so ignorant.

Also the fact that just about everyone on here disagrees with your point of view. What are the legitimate chances you're actually right?! Lol
 
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