Does that mean you never actually OWN your iPhone? Just lease it?
I give my old iPhone to my girlfriend, if I lease it under the new plan, that MEAns I can never give it to someone, right?
Ed
If you don't trade it in, and finish the payments, you'll own it. Or you can pay off the balance and own it and start a new plan. You're essentially exchanging your old phone for the new with the old one's equity covering the new one's down payment.