Carrier Am I able to sell my previous Verizon phone if I’m still making payments on it?

[DDustiNN]

If you sell it with outstanding monthly payments still due to the carrier, will you tell the potential buyer so that they can make an informed decision? That is the question in my mind.

I bought a used iPhone X way back on eBay - it worked fine for almost a year on T-Mobile, then I finally reinstalled iOS on it. I could no longer activate it after that. It turns out the phone had outstanding payments due on Sprint, which the seller did not disclose. I traded it in to Apple for an 11 Pro; lost about $300 on it.

I would inform the buyer of whatever info is necessary.

The biggest question is if this is still an issue, or if things have changed recently. It seems like being locked into 2-year contracts has gone away, in favor of these new device payment plans, which I suspect don’t work the same way (regarding locking phones, etc.). Still need clarification on that but all I’m seeing is people guessing.

 

[Markgnyc2]

So I just took a look at the Verizon installment agreement. You are granting Verizon a security interest in the phone, meaning if payments aren't made, they can repossess the phone. This is the language:

1. SECURITY INTEREST. You are granting to Us a purchase money security interest (”PMSI”) in the Device and any or all cash or non-cash proceeds of the Device (including, as applicable, any substitutions or replacements), to secure Your payment and performance of Your obligations under this Device Payment Agreement (collectively, the "Secured Obligations"). The PMSI You are granting to Verizon Wireless is subject to the Uniform Commercial Code in effect in the state of Your billing address indicated on this Device Payment Agreement at the time it is signed.

So it is just like the financing agreement you sign when buying a car. It is not similar to a credit card agreement.

 

[laptech]

I would inform the buyer of whatever info is necessary.

The biggest question is if this is still an issue, or if things have changed recently. It seems like being locked into 2-year contracts has gone away, in favor of these new device payment plans, which I suspect don’t work the same way (regarding locking phones, etc.). Still need clarification on that but all I’m seeing is people guessing.

People are guessing because you are not making your intentions explicitly clear as to what you plan to do regards the device plan agreement. You have 5 months left. Are you planning on stopping the payments once you sell the iphone? If you sell the iphone are you going to use the money to pay off the remaining 5 months of the device plan? or are you planning on doing a runner, not finishing off paying the device plan and thus not tell anyone, not Verizon and not the seller?. because if you look at Verizon's device plan agreement on their website, one of the wording states that if the agreement was to end for whatever reason, the account holder must pay the outstanding payments in full. Therefore if you sell the iphone BEFORE the end of the device plan, the agreement now becomes null and void because you are no longer in possession of the iphone BUT you still have outstanding payments on the device plan which would now have to paid off in full.

 

[DDustiNN]

People are guessing because you are not making your intentions explicitly clear as to what you plan to do regards the device plan agreement. You have 5 months left. Are you planning on stopping the payments once you sell the iphone? If you sell the iphone are you going to use the money to pay off the remaining 5 months of the device plan? or are you planning on doing a runner, not finishing off paying the device plan and thus not tell anyone, not Verizon and not the seller?. because if you look at Verizon's device plan agreement on their website, one of the wording states that if the agreement was to end for whatever reason, the account holder must pay the outstanding payments in full. Therefore if you sell the iphone BEFORE the end of the device plan, the agreement now becomes null and void because you are no longer in possession of the iphone BUT you still have outstanding payments on the device plan which would now have to paid off in full.

I have been very explicitly clear, multiple times, that I would not cease payments, and that my account will remain in good standing. My intentions are solely to sell my old phone with no possible detriment to the buyer or to myself. Whether that can occur now, or must wait 5 months.

I’m not trying to scam anybody or pull a fast one whatsoever.

How many more times would you like me to repeat myself?

 

[laptech]

I have been very explicitly clear, multiple times, that I would not cease payments, and that my account will remain in good standing. My intentions are solely to sell my old phone with no possible detriment to the buyer or to myself. Whether that can occur now, or must wait 5 months.

I’m not trying to scam anybody or pull a fast one whatsoever.

How many more times would you like me to repeat myself?

If your saying you have been very clear then why are you doubting those replies who have also been very clear? The answer is simple, don't sell, wait for the 5 months to be over which means you will own the iphone outright and then sell it. Issue solved and then you can edit the thread title as [SOLVED], or is there something missing?

 

[compwiz1202]

No they don’t take back the goods. Best Buy doesn’t repo the tv. You have a fundamental misunderstanding of consumer credit transactions. There is nothing wrong with selling a phone and continuing to make the payments provided you in fact make the payments. We’ve already established that Verizon unlocks the phones. It’s possible that Verizon could disable the phone for nonpayment but that’s a different issue altogether. A quick google search says that Verizon does not blacklist phones for nonpayment but feel free to research.

Yea I don't think they do anything to the device either. Of course if you were using it with the SIM on your account, it would eventually be suspended for non payment, but I don't think it would affect the device if the SIM is from another account

 

[AnthroMatt]

So much bad advice here because there are people that aren't willing to buy a phone with an outstanding balance so they are projecting their fears onto the OP. Not wanting to buy a phone from someone still making payments on that phone is a valid concern. However, jumping to conclusions about the OP's intent is not valid.

Verizon does not (or did not the last time I was with them) blacklist for non-payment EXCEPT to block the device from being used on Verizon.

As someone that has sold phones while still owing on them, I have never had an issue or complaint from any buyer and I have always disclosed that I am still making payments. Either I have continued to make the payments as scheduled or I used the proceeds from the sale to pay the off the remaining balance.