To Everyone Considering Edge / Next / Easy Pay - Read This

Discussion in 'iPhone' started by imaketouchtheme, Sep 13, 2014.

  1. imaketouchtheme macrumors 65816

    Joined:
    Dec 5, 2007
    #1
    So.....to everyone that is considering AT&T Next, Verizon Edge, or Sprint Easy Pay, here's a great alternative.

    Instead of financing the phone through the carrier and having to follow crazy rules, why not purchase the phone outright at Walmart (24 months no interest), Best Buy (12 months no interest) or Apple (12 months no interest) and not have rules. You can pay it off early as well AND put down a down payment.

    Seems like the better choice to me... That's what I did.

    EDIT: Since people don't know, you get the same discounts whether you pay for the phone up front or finance it on the respective plan.
     
  2. Knowimagination macrumors 68000

    Knowimagination

    Joined:
    Apr 6, 2010
    #2
    What rules are you talking about? I am paying 0% interest by doing next and if I want to pay it off I can, if not I trade it in after 12 months and get a new phone.
     
  3. Starrbuck macrumors regular

    Joined:
    Jun 8, 2010
  4. imaketouchtheme thread starter macrumors 65816

    Joined:
    Dec 5, 2007
    #4
    You can't make double payments or put down a down payment. There's lots of rules, you may just be unaware. ;)

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    You get the same discount if you pay for the phone outright as well.
     
  5. yg17 macrumors G5

    yg17

    Joined:
    Aug 1, 2004
    Location:
    St. Louis, MO
    #5
    Because I don't want to open up a line of credit and have my credit score take a hit.
     
  6. Knowimagination macrumors 68000

    Knowimagination

    Joined:
    Apr 6, 2010
    #6
    Why would I want to make double payments or a down payment on a 0% interest offer?
     
  7. imaketouchtheme thread starter macrumors 65816

    Joined:
    Dec 5, 2007
    #7
    Then improve shortly thereafter?

    That makes no sense. :rolleyes:

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    To pay it off early? Lower monthly payments? There's a million reasons. You can't possibly say that having more options is a bad thing.
     
  8. Knowimagination macrumors 68000

    Knowimagination

    Joined:
    Apr 6, 2010
    #8
    If I am going to pay it off early I will just pay it off all at once. You make it sound like this is a horrible option, but it is a no credit check one time solution to buying the phone. I could easily pay cash for the phone instead, but if AT&T wants to let me spread it out instead then I will just leave that money in the bank for now.

    A line of credit isn't even available to some people who will be utilizing these type programs.
     
  9. dndandrea macrumors 6502

    Joined:
    Feb 10, 2010
    #9
    Paying it off early would not be beneficial to the customer if you're on one of these plans such as NEXT. We are on this plan for a reason, because we'd like to upgrade after 12-18 months. If we pay it off early we have to pay $749. If we pay for it for 12-18 months, we pay about $300 and get a new phone upgrade.
     
  10. imaketouchtheme thread starter macrumors 65816

    Joined:
    Dec 5, 2007
    #10
    And trade in your phone for much less than what it's worth.

    I may or may not work for one of the carriers and understand the plan better than some. If you don't think your iPhone 6 will be worth $350 in a year then the carriers have brainwashed you perfectly.

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    It's not a horrible option, but it's not the best option either.
     
  11. ZombiePete macrumors 68020

    ZombiePete

    Joined:
    Aug 6, 2008
    Location:
    San Antonio, TX
    #11
    This is certainly an option, but I don't understand why you think it's a better choice? Really, what difference does it make at all? You're still financing a phone, and at least if you finance through your carrier there's no exploding interest rate (that is retroactive with Best Buy, btw) at the end of the initial term if for some reason you can't pay it off in time. AT&T's financing term is 20 month, which means smaller payments than with Best Buy, and at 12 months you can trade in your phone for another under the same financing terms, another feature you don't get with BB which leaves you paying off the entire phone in 12 months and then relying on market forces to sell and make back what you would have saved going through AT&T.

    In fact, dig deeper. Right now, a used 64GB iPhone 5S (the biggest in terms of storage for the last gen) is going for it looks like on average around $400. When I turn in my iPhone 6+ next year at 12 months, I will be skipping around $380 in payments on that phone, and I don't even have to bother with trying to sell it which means no selling/shipping fees or meeting strangers in a parking lot.

    I just am not seeing why you think financing another way is "better".
     
  12. PNutts macrumors 601

    PNutts

    Joined:
    Jul 24, 2008
    Location:
    Pacific Northwest, US
    #12
    You are paying AT&T handsomely for that convenience.
     
  13. Knowimagination macrumors 68000

    Knowimagination

    Joined:
    Apr 6, 2010
    #13
    Says you anyway. There is literally no down side, but you go ahead and help us all see the light... :rolleyes:

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    How do you figure?
     
  14. bambooshots macrumors 65816

    bambooshots

    Joined:
    Jul 25, 2013
    #14
    I read some of the fine print. No penalty from ATT if I pay off the NEXT phone early.
     
  15. Deguello macrumors 6502a

    Deguello

    Joined:
    Jun 29, 2008
    Location:
    Texas
    #15
    wtf?
     
  16. ZombiePete macrumors 68020

    ZombiePete

    Joined:
    Aug 6, 2008
    Location:
    San Antonio, TX
    #16
    With Next you can pay off the phone at anytime after the first two months.
     
  17. dndandrea macrumors 6502

    Joined:
    Feb 10, 2010
    #17
    Then you get to pay $800 for a new phone...
     
  18. imaketouchtheme thread starter macrumors 65816

    Joined:
    Dec 5, 2007
    #18
    Not saying there's a downside, but there's better options.

    Look at Swappa. Your phone prices are way off.
     
  19. burgman, Sep 13, 2014
    Last edited: Sep 13, 2014

    burgman macrumors 68000

    burgman

    Joined:
    Sep 24, 2013
    #19
    I think you are unaware. Edge or Next or Tmobile jump program rules. All allow to pay off the phone anytime you like. They do have limitations on upgrading but not "lots of rules", some rules are to stop flipping the phones, but so what? Plus It's WALMART. Since it is a zero interest phone why make double payments or a down payment. Save the cash until you can pay it off. But after reading the rest of your posts I'm guessing Walmart family plan or something like straight talk. No thanks.
     
  20. ZombiePete macrumors 68020

    ZombiePete

    Joined:
    Aug 6, 2008
    Location:
    San Antonio, TX
    #20
    To whom are you referring? AT&T's getting a pretty penny from me no matter what, so I may as well enjoy the beneficial financing they're offering me.
     
  21. randy98mtu macrumors 65816

    randy98mtu

    Joined:
    Mar 4, 2009
    #21
    I'd like to know as well. How are you "paying handsomely" for a 0% loan?

    I don't see how any 0% plan with no fees is a bad thing. As far as I remember from finance classes, assuming inflation and such, present value is higher than future value. Better to take that $650-950 and put it toward a loan or in an interest bearing account and then make your payments on the 0% instead.
     
  22. ZombiePete macrumors 68020

    ZombiePete

    Joined:
    Aug 6, 2008
    Location:
    San Antonio, TX
    #22
    Swappa has static phone listings based on what the seller is asking for. When I look at ebay I see used 64GB 5S iPhones whose listings are nearing the end going for around $400 dollars (up or down a little bit depending on the condition.
     
  23. JRoDDz macrumors 68000

    JRoDDz

    Joined:
    Jul 2, 2009
    Location:
    NYC
    #23
    Base iPhone is $650. If he sells his phone for $350, the new iPhone will only cost him $300. Basic math anyone?
     
  24. NM08SRT8 macrumors 6502a

    NM08SRT8

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    Jan 18, 2010
    Location:
    New Mexico
  25. benboy12 macrumors regular

    Joined:
    Apr 5, 2014
    #25
    Also, sometimes you get carrier discounts with these programs. I know with Verizon's Edge, you get $10 or $25 off a month depending on your data plan. So this actually makes it cheaper than 0% financing through the store.
     

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