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Adding lines for quick cash up front with a heavy outlay at the end

G

Gcmmd

Lurker
Aside the fact that is not financially advisable, could I get input as to any other likely problems or glitches in this proposed plan.

I need cash immediately I add 3 Galaxy S 3's from Amazon Wireless to my current verizon plan, the phones cost 99 dollars a piece and will add 100 dollars to my monthly bill. I can sell them for 500 a piece which gives me and net profit of 1200 dollars which is what my first year of increased bills will be and I will pay out another 1200 over the course of my final year of contract. yes the vig is high but the cash is immediate and I'm willing to do that. Are there any pitfalls I should be aware of, i.e., problems with activating the phones after they sell, etc. I do not plan on skipping out on my contract and I will pay it in as if I had the lines in use.
 
I imagine there are much easier ways to give you quick cash that don't result in you losing $1200/yr

Have you considered selling/pawning some other items?
 
Gcmmd said:
Aside the fact that is not financially advisable, could I get input as to any other likely problems or glitches in this proposed plan.

I need cash immediately I add 3 Galaxy S 3's from Amazon Wireless to my current verizon plan, the phones cost 99 dollars a piece and will add 100 dollars to my monthly bill. I can sell them for 500 a piece which gives me and net profit of 1200 dollars which is what my first year of increased bills will be and I will pay out another 1200 over the course of my final year of contract. yes the vig is high but the cash is immediate and I'm willing to do that. Are there any pitfalls I should be aware of, i.e., problems with activating the phones after they sell, etc. I do not plan on skipping out on my contract and I will pay it in as if I had the lines in use.
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You'd be better off going to a bank. Or get a cash advance on a credit card. Even a payday loan would probably be cheaper overall. As far as getting cash, this is one of the worst schemes I've every heard of. Also, are you sure you can sell them for $500 rapidly?

That said, I think this is possible. I don't believe there is any requirement to keep the phones in your line for a specific time. However, isn't the access fee $40 per phone per month, plus taxes and fees, plus activation fees. This will almost certainly cost far more than you are estimating.
 
I'm no lawyer but what you are planning on doing sounds like it could be perceived as intent to profit through deception. Signing a contract that you knowingly are not going to honor. I could care less about the ethics and understand what it's like needing cash but I would be careful what you talk about and do. Why not just wait in line for one of those dumb mini pads that are coming out and sell your spot. That's quick cash without the worry of running your credit into the ground.
Then again it could be totally legal. Just seems like a rough way to make some quick cash in the long run.
 
He's def not going to profit, and from what i read he plans on keeping the contract and paying the bills


Interesting scenario, but I can think of a bunch of better ways to get the same end result
 
I think getting a cash advance on a credit card of borrowing money from friends or relatives would be much cheaper in the long run, and you wouldn't be going through so much to get the cash up front.

I also agree with euph_22, I think you're underestimating what the 3 additional lines are going to cost.

Good luck,
 
The only way his math works out is if he gets three share everything plan lines with smartphones, than replaces the smartphones with dumbphones. That will come out to about $100 per month (probably more like $105).
 
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