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New Contributor RockStarr
New Contributor

Lease Plan Ending

So my lease plan is coming to an end in just a couple of months and I have started thinking about options for when it finishes. I have asked Optus about upgrading early to only be told if I want to keep my handset (iPhone X) that it is going to cost me $730! Or I can return it for $99. 

My problem being is that I was unaware when signing up to a lease plan that I wouldn’t actually own the device whilst paying for it after my 24months were up. I thought the lease plan was for only if you wanted to upgrade handsets after 12month, which I had no intention of doing. I thought you’d still own the handset after the 24months was complete! This is making me want to ditch Optus and go back to Telstra. Anyone else in the same boat?? 

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Esteemed Contributor
Esteemed Contributor

Re: Lease Plan Ending

Hmm I can understand how you feel as I have never thought much of the lease plans myself. Sure you save yourself $10 a month but if you do the math it never adds up. I think I would just cut my losses, hand back the phone and take out a normal plan where you own the phone at the end of the contract. I have read a few posts from people not aware that they signed up for a lease but I don't know how you would go arguing the point with Optus.

Honoured Contributor
Honoured Contributor

Re: Lease Plan Ending

Hi @RockStarr ,

 

Sounds like you have now got a better handle on the contract you signed and yes a lot of people appear to have not fully understood what the Optus leasing plans involved when they signed up. Some online even signed up to them accidentally as Optus (sneakily) made the "lease" option the default setting when you went to buy a phone. Optus have actually suddenly discontinued their leasing plans completely - I have a suspicion that it is because of the number of customers that are now complaining that they have been mislead. 

 

You can read through this thread for other comments on the removeal of lesing plans (ironically some individuals are still demanding they be allowed to continue on lease plans despite the bad value they represent)

 

As you are near the end of your 24 month lease your (practical) options are fairly limited. As you say if you want to keep the phone then its $730. However there should be no $99 early return fee as you will have reached the 24 months as agreed - you just hand the phone back no more to pay.

 

Those are the two options if you want to leave. As you always wanted to keep the phone then perhaps pay the $730 and go SIM only for at least another 12 months.

 

If you wanted to go a new plan at Optus then it will only be a non-leasing plan. Unfortunately not only have Optus stopped discounting their mobile plans you would also lose the $10 "discount" leasing plans had. So you'd be looking to pay $20-$30 more each month for the equivelent data etc. But as SIM only there would be no handset repayments anymore (so overall much less each month). 

 

Good Luck

 

Peter Gillespie

New Contributor RockStarr
New Contributor

Re: Lease Plan Ending

Yeah my original plan after this contract ended was to go back to a sim only plan again. Unfortunately, the option to buy out the phone at their price is not ideal for me as I don’t really have the spare funds to purchase it.......even though part of my plan was paying for the phone itself. Just feels like wasted money. And when you look at that I’ve only saved $240 over my 24 month contract and now it will cost a further $730 to keep the phone, well it certainly works out to be a pretty crappy deal. I signed up online with this one but had no idea I wouldn’t be able to keep the phone at the end. Looks like my only option is to hand the phone back at the end and re-sign another contract. 

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Honoured Contributor
Honoured Contributor

Re: Lease Plan Ending

Yeah. The lease plan cancellations has sort of bought to a head that the deal is pretty sucky now that people realise they don't get to keep the phone and have to make the same choice you are. You're not alone in feeling its been a waste of money. There are some posts that suggest that those wanting to simply exit a lease deal early are being allowed to if they insist hard enough. That doesn't help you though as you are close to 24 months already.

 

Signing up is an option but I would suggest if $700 upfront give you pause then the new deals are going to cost you much more than that. For one thing they have subtly been subtitled with 36 month plans as default. So while the headline monthly price looks sort of the same, its paid over a longer period. Getting say a base model iPhone XR on a plan with any usable data will cost $2500 over 2 years. On the plus side you do get to keep the phone though. Keeping your current phone and going SIM only would cost only half that (over 24 months) . 

 

As an alternative you could always get a cheaper refurbished phone on eBay but you'd be looking at an iPhone 8 for say $450 or so. Anyway good luck

 

Peter Gillespie

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