The teen genius who figured out how to free the iPhone from its AT&T service plan obligations is trading his unlocked super-gadget for a new car, just in time for the start of his freshman year of college. Terry Daidone, founder of Certicell, provider of wireless aftermarket goods, offered 17-year-old George Hotz a Nissan 350Z and three 8GB iPhones in exchange for the unlocked version.

Hotz has offered to send the three new phones to three of his online collaborators, and even though he’s starting his first year of school, he’s not done tinkering with Apple’s latest device. He’s hoping to add GPS functionality to the iPhone by using cell phone tower triangulation. And then he’ll do his homework.—Gregory Mone