Device Buy Out

[jillandrea27]

I recently updated my device to an iPhone 15 in February and signed a payment plan with Fido.
Now I got a new job and a perk is that my employer will pay for my phone, but it is with a different provider on a business plan. 
I think I know the answer, but I will need to buy out the remaining balance of my device before being able to move providers.  Or is there an option that Fido would buy back my 4 month old phone for a reduced rate?

[Cawtau]

Hello Jillandrea27,

Welcome to the community!

  Congratulations on your new job! Unfortunately, however, I don't believe there are any options to continue device financing without a corresponding service plan. Cancelling your Fido service will cancel your Payment Program agreement, and the outstanding Fido Payment Program balance will be charged on your next bill (see here). 

  If you were not aware, with many of the device offers, Fido does not actually discount the cost of the device. Rather, they provide a monthly credit to off-set the device cost. That monthly credit is applied to the bill and not device financing cost. The device cost shown on the website was calcuated after bill credit. 

  It would be important to note that the monthy financing fee does not actually change, though. If you cancel your services, you would be required to pay the total remaining balance of the device. That is, the remaining balance would be $ x remaining number of months, not $-credit x remaining number of months as the remaining monthly credits would no longer apply.

Hope this helps 😀

Cheers