Whether you’re looking to buy a new cell phone, need some quick cash, or cannot return yours here’s everything you need to know about selling a phone that is not paid off.
Generally speaking, it is ok to sell a phone that is not paid off however there are several caveats. Though selling a financed phone is not against the law, you need to make sure to continue your payments for your device to prevent it from getting blocked or blacklisted by your carrier. You may be wondering if you can sell a phone that is not paid off and is blacklisted by your carrier. Some companies will accept phones like this however, We Buy Cell Phones does not. Additionally, you may be wondering if you can sell a leased phone. A leased device can not be sold like a financed phone can be.
Below we go in-depth into what kind of phones can and can’t be sold.
Can I Sell a Financed Phone?
Here’s why you can sell a phone that is not paid off or financed. When you sign up for service or a monthly installment plan for your device, your carrier extends you a line of unsecured credit. This means your carrier can not repossess your phone and grants you legal ownership of it. It’s legally your device from that point on. You can do as you please with it.
However, this does not mean you should stop making your monthly payments. If you do, your carrier may block or blacklist your device. Additionally, not making your monthly payments can negatively affect your credit score. If you’re carrier blocks or blacklists your device due to non-payment it can prevent the phone from being used again on the network. That is why it’s important to continue making your payments even after you sell your phone.
How much is a financed phone worth?
Yes, you can sell your T-mobile phone that is not paid off or financed. However, if you fail to make your monthly payments T-mobile may block or blacklist your device and the device will no longer be able to receive calls or texts.
If you owe money on your Verizon phone you can still sell it if you choose to. It’s important to continue making your monthly installment payments to prevent the phone from getting blacklisted.
As with the other carriers, you can also sell your AT&T device that is not paid off. You must continue making your monthly payments or pay off your device in full.
What happens if you sell a phone that isn’t paid off?
Nothing will happen if you sell a phone that isn’t paid off. The device is legally yours as mentioned earlier. It’s recommended to continue making your monthly installment payments to prevent the device from getting blocked or affecting your credit negatively.
Can I pawn a phone that isn’t paid off?
As mentioned previously, you can sell your financed phone (due to the line of unsecured credit that is extended to you) this includes pawning your phone. The device is legally yours to pawn. Again you must continue making your monthly payments or pay off the device in full. You can not pawn a leased device which is different from a financed phone.
Can I Sell a Phone that is Financed and BAD ESN?
Sometimes people stop their payments after selling their phone which as a result can cause the phone to have a bad ESN or IMEI. ESN stands for Electronic Serial Number and IMEI stands for International Mobile Equipment Identity. Each cell phone has these unique identification numbers that carriers and service providers have access to. Carriers can blacklist devices for non-payment, insurance fraud, and phones that are lost/stolen.
If you sell a phone that is financed and don’t continue making your monthly payments the new owner may not be able to activate the phone on their network. Depending on the network carrier the buyer may not be able to use the phone they bought from you.
Some buyback companies will not buy devices that are blocked or blacklisted. Keep in mind that phones that are bad ESN are worth significantly less. On average devices are 50% less valuable when financed.
Can I Sell a Leased Phone?
With some network providers, you are able to lease a phone to save on monthly payments. However, at the end of the lease, you would return the phone and upgrade to a new phone. In this case, you are not the owner of the device and can not sell it. At the end of your lease, you can opt-out from upgrading and instead buy out the device if you wish.
What happens if you sell a leased phone?
As mentioned previously, you can not sell a leased device as it’s not your property to sell. However, at the end of your lease, you can buy out the device and then sell it. If your device is no longer in a lease and fully paid for, you can sell it to We Buy Cell Phones.
Sell your financed phone at We Buy Cell Phones
If you are looking to sell your financed device, We Buy Cell Phones can buy it. We can accept financed, not paid-off, or in-contract devices. However, we can not buy leased or blocked/ blacklisted devices.
To sell your device or to learn more don’t hesitate to contact us!