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Yes, just like you still own the phone if you take out a bank loan, use it to buy the phone, and then default on the loan.
by tgsovlerkhgsel 5y ago
Yes, just like you still own the phone if you take out a bank loan, use it to buy the phone, and then default on the loan.
- jfrunyon 5y agoBut you don't, not if you secured the bank loan using the phone. Which you did if you financed it through a carrier. Just like if I go to a bank, get a loan for a car, buy that car, and stop making payments... THE BANK OWNS THE CAR.
- tgsovlerkhgsel 5y agoI assume that isn't done because the value of the good is too low to justify the effort of repo'ing it.
- jfrunyon 5y agoCorrect. Which is why they instead simply disable the device (and this has been done for quite a long time, by the way, with banned IMEI lists, back before phones were useful for anything without a cellular connection).