Can I Sell My iPhone 12 If I Still Owe Money On It? (Mini, Pro, Pro Max)

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By Ash Turner
As CEO of CompareMyMobile.com and BankMyCell.com since 2009, Ash has been a pivotal figure in the mobile tech industry. With a background in managing Brightstar’s PhoneRecycleBank, he boasts extensive experience with global carriers and MVNOs like T-Mobile and O2, and leading manufacturers such as Apple and Samsung.

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| Updated on February 16, 2024
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If you own an iPhone 12, 12 Pro, or 12 Pro Max and are wondering about the possibilities of selling your financed device, you’ve come to the right place. In this article, we’ll explore what a financed iPhone means, how you can sell it, and the implications of selling a phone that isn’t fully paid off. Whether you’re looking to upgrade or simply want to part ways with your iPhone, we’ve got you covered.

Quick Guide: Selling a Financed iPhone 12

Can you trade in an iPhone 14 that isn’t paid off? (Financed)

If you’re looking to sell your financed iPhone 12 Series, BankMyCell is your go-to solution. A financed iPhone means you’re still making payments through your carrier’s installment plan, but you can sell it while continuing these payments. Here’s how you can do it and get the best value:

  • Keep making your monthly payments to avoid having your device blacklisted.
  • If you want to sell it quickly, clear the outstanding balance or pay the early termination fee (ETF) to your carrier.
  • Visit BankMyCell’s iPhone page.
  • Select your device’s details, compare prices, and choose a partner buyback store.
  • Follow the on-screen instructions to complete the trade-in process.

As of today, you can get top prices for your financed iPhone 12, 12 Pro, or 12 Pro Max, with the potential for even higher offers if you can close your contract. Selling financed iPhones is not illegal; major carriers allow it, provided you meet their payment requirements. BankMyCell simplifies the process, ensuring you get the best value for your device.

Compare iPhone 12 QuotesCompare iPhone 12 Mini QuotesCompare iPhone 12 Pro QuotesCompare iPhone 12 Pro Max Quotes

How do I know if my iPhone is Financed?

Your iPhone 12, 12 Pro, or 12 Pro Max is considered financed if any of the following conditions are met:

  • Contacting your carrier confirms that the device is under a financial obligation through an instalment plan.
  • Some IMEI checking websites may identify your phone as financed, or it may appear as a clean device.
  • Checking your purchase receipt will reveal that the device was acquired through a financing arrangement.

Please note that your iPhone must be free from any iCloud or Find-My-iPhone account locks. If you encounter issues with the activation screen, select the “Activation Locked” status instead.

Financed iPhone 12 Series Quotes

AT&T Carrier Logo

Can you sell an iPhone 12 that is not paid off on AT&T

Yes, you can sell any financed iPhone within the 14 series that still has money owed to AT&T on BankMyCell. You still have to pay the contract, but you can sell and use the money earned for paying the early termination fee. Sell via BankMyCell and ship your device for free.

iPhone 12 Pro Max:
(AT&T)

$135.00

iPhone 12 Pro:
(AT&T)

$85.00

iPhone 12 Mini:
(AT&T)

$30.00

iPhone 12:
(AT&T)

$80.00

Verizon Carrier Logo

Can you sell an iPhone 12 that is not paid off on Verizon

Yes selling a financed iPhone from the 14 series with an outstanding balance to Verizon is possible through BankMyCell. Although the contract payments must be met, the earnings from the sale can be applied to cover the early termination fee. Opt for BankMyCell to streamline the selling process, and enjoy the convenience of complimentary shipping for your device.

iPhone 12 Pro Max:
(Verizon)

$135.00

iPhone 12 Pro:
(Verizon)

$85.00

iPhone 12 Mini:
(Verizon)

$30.00

iPhone 12:
(Verizon)

$80.00

T-Mobile Carrier Logo

Can you sell an iPhone 12 that is not paid off on T-Mobile

Yes! If you have a financed iPhone from the 14 series and you’re still owing money to T-Mobile, no worries – you can sell it on BankMyCell. Just keep in mind, you still need to wrap up your contract, but the money you get from selling can go towards settling the early end charge. Sell it through BankMyCell, and they’ll send you a free shipping label for your device.

iPhone 12 Pro Max:
(T-Mobile)

$135.00

iPhone 12 Pro:
(T-Mobile)

$85.00

iPhone 12 Mini:
(T-Mobile)

$30.00

iPhone 12:
(T-Mobile)

$80.00

Sprint logo

Can you sell an iPhone 12 that is not paid off on Sprint

Absolutely, you can sell any iPhone from the 14 series on BankMyCell, even if you’re still paying Sprint. Remember, you’ve got to finish paying the plan, but the cash you make from selling can help cover the early stoppage cost. Just sell it on BankMyCell, and they’ll send a free shipping label for your device.

iPhone 12 Pro Max:
(Sprint)

$135.00

iPhone 12 Pro:
(Sprint)

$85.00

iPhone 12 Mini:
(Sprint)

$30.00

iPhone 12:
(Sprint)

$80.00

FAQ's: Sell Financed iPhone (Sell With Money Owed)

How much can you sell a Financed iPhone within the iPhone 12 Series for?

BEST iPhone 12 With Money Owed
DeviceMintCracked
iPhone 12 Pro Max$270.00$210.00See Offer
iPhone 12 Pro$170.00$130.00See Offer
iPhone 12 Mini$115.00$75.00See Offer
iPhone 12$135.00$70.00See Offer
* Best market prices updated February 28th 2024

Keep in mind that the selling price for a financed phone is considerably less than that of a paid-off iPhone. Closing your contract can significantly increase the price.

  • Visit BankMyCell’s dedicated page here.
  • Select your iPhone’s relevant details, including its connection, capacity, condition, and the “Financed” status.
  • Compare the prices offered by different stores and choose the one that suits you best, then follow the on-screen instructions for the trade-in process.

What does Financed mean?

An iPhone under the “Financed” status indicates that it was purchased through a retailer’s, typically a carrier’s, instalment plan. You, as the buyer, are under contract for a specified period and make monthly payments until the total device cost is covered. Until all payments are made, the iPhone is considered “Financed.”

Can you sell a Financed iPhone within the iPhone 12 Series?

Yes, you can sell a financed iPhone 12, 12 Pro, or 12 Pro Max, even if there’s still money owed on the device or if you’re still making monthly payments. Major carriers allow you to sell your phone while continuing to fulfil your contract’s monthly obligations. However, if you fail to make monthly payments, your carrier may blacklist your device, limiting network services for the new owner. To prevent this, clear the outstanding amount or arrange an agreement with your carrier.

Another option is to expedite payment of the remaining balance or pay the early termination fee (ETF) specified by your carrier. You can sell your iPhone 12 Series and use the cash to immediately cover the remaining balance. BankMyCell offers a partner buyback store that will buy your financed iPhone 12, 12 Pro, or 12 Pro Max for cash, ensuring you get the best value with no risk.

SellLocked logo

Average Customer Rating:

icon review 5

4.9 out of 5 on Trustpilot

  • Accepts: Passcode, iCloud, Financed & Blacklist Locked
  • Reviews: #1 Rated, 800+ reviews on Trustpilot
  • Payment: Pays you in 1-5 days via PayPal or Check
  • Shipping: FREE Shipping & FREE Returns (No Risk)

Who buys financed iPhone within the iPhone 12 Series near me?

Several buyback stores are interested in purchasing financed iPhones. You can use our price comparison tool to discover which stores are featured for buying financed iPhones from the 13 Series and to compare the prices they offer. Additionally, some of these buyback stores may even provide free shipping, making it convenient to send your device from your nearest post office.

How to sell a Financed iPhone within the iPhone 12 Series?

To sell your financed iPhone 12, 12 Pro, or 12 Pro Max, follow these steps:

  • Go to BankMyCell’s page for selling iPhones.
  • Select the relevant details of your iPhone, including connection, capacity, condition, and “Financed” status.
  • Compare prices and select a store. Follow the on-screen instructions to complete the trade-in process.

Remove Finance on iPhone 12 Before Selling

How to get out of a carrier contract?

Typically, to exit your carrier contract, you’ll need to complete the specified contract period or pay off the outstanding balance. However, there are some options available to you if you want to terminate your contract early:

  • Pay an early termination fee (ETF), which decreases each month of your contract.
  • In some cases, you can cancel your contract for free if you’re within the first 14 days, your carrier raises prices, or your contract ends within 30 days.
  • Consider switching to another carrier that may offer to buy out your contract from your original carrier, particularly if you’re looking to upgrade your phone.
  • Explore transferring your carrier contract to another person, though different carriers have different transfer policies.
  • Contact your carrier for an arrangement to cancel without paying an ETF in special circumstances like illnesses, relocation to out-of-service areas, or military deployment.

What happens if you don't pay your phone bill?

Failure to make payments or pay the ETF before your contract expires can lead to your carrier blacklisting your iPhone, marking it as having a bad IMEI or ESN. This will prevent the phone from using network services and receiving calls or messages. If you intend to sell your phone, blacklisted iPhones typically fetch lower prices. Consider contacting your carrier to check if the selling price of your financed phone covers the cost of cancelling your contract before it gets blacklisted.

Is it illegal to sell a locked phone under contract?

Selling financed phones is not illegal. Major carriers like Verizon, AT&T, Sprint, and T-Mobile allow the selling of phones under contract, provided that you continue monthly payments or pay the ETF to prevent blacklisting. BankMyCell simplifies the process of selling your iPhone; just select the “Financed” status for your device and follow the steps to sell it conveniently.

SellLocked logo

Average Customer Rating:

icon review 5

4.9 out of 5 on Trustpilot

  • Accepts: Passcode, iCloud, Financed & Blacklist Locked
  • Reviews: #1 Rated, 800+ reviews on Trustpilot
  • Payment: Pays you in 1-5 days via PayPal or Check
  • Shipping: FREE Shipping & FREE Returns (No Risk)

Can I Sell Other Financed iPhones