Is the phone mine after 24 months?

[Tolfo]

Hi there

i just purchased a new iPhone 14 Plus on the fido payment program. I was offered a special deal, $10 extra on my existing plan for 24 months. My question is, after paying the additional $10 plus taxes for 24 months, is the phone mine ? No additional fees ?

[Cawtau · Accepted solution]

Hello Tolfo,

  Fido does not offer any lease-type financing. Their Payment Program finances the cost of the device over the 24 months. At the natural completion of a Payment Program term, the device is yours.

  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 your offer was calcuated after bill credit. 

  You would also be receiving a bill credit which calculates to the $10 per month for the device. It would be important to note that the monthy financing fee does not actually change, though. If you choose to end the contract early, you would still be required to pay the total remaining balance of the device. That is, the remaining balance would be (monthly credit + $10) x remaining number of months, not $10 x remaining months as the remaining monthly credits would no longer apply.

Hope this helps 😀

Cheers