Vodafone Red Hot allows customers to get a new phone every year5
If the phone is returned with deep scratches or water damage, you will be charged £75 ($118.75 USD). Return the phone with cracks and wear to the buttons and ports, and you will owe Vodafone £150 ($237.50). If the phone doesn't work, or you fail to return it, you will be responsible for £375-£425 depending on the model ($594-$673 USD).
Samsung Galaxy S III, the Samsung GALAXY Note II and the Apple iPhone 5. The 16GB variant of the Samsung Galaxy S III will cost you £47 per month ($74 USD) while the 32GB version is priced at £52 per month with a £29 up-front fee ($82, $46 USD). The Samsung GALAXY Note II is priced at £52 per month ($82 USD).
We wouldn't be surprised to see one of the carriers in the U.S. try a plan like this as a way to differentiate itself from the competition. Auto leases are big in the states, so why not smartphones? It might lead to users taking better care of the device they rely on every day and would satisfy those that need to have the latest and greatest models at all times.
source: VodafoneUK via AndroidCentral