Last Updated on September 2, 2022 by Ron D. Morgan
Verizon Network offers different products and services to customers. Verizon products, including mobile phones, are offered as a Payoff or contract.
With the Payoff option, the customer can make a one-time payment to own the device. With the contract option, the customer can spread the payment over 12 to 36 months.
If you got a phone on a Contract with Verizon and you want to know if you can cancel your contract before paying off your phone, this post is for you.
The short answer is that, yes, you can cancel your Verizon contract before you pay off your phone. But some consequences come with canceling your contract on Verizon before paying off your phone.
Can I Cancel Verizon Phone Contract Before Phone Is Paid Off?
Yes. You can cancel your Verizon contract before your phone is paid off. Verizon gives you the option to cancel your phone contract when you want to or when you want to switch to another network.
The question should be what happens after you cancel your Verizon contract without paying off your phone? Verizon will send you a final bill that includes the outstanding payment you have on your device.
This payment is included in your next billing cycle. If you pay off the remaining balance on your Device Payment Plan, Verizon won’t charge you an early termination fee.
Can I Return My Verizon Phone Within 30 Days?
Yes. You can cancel and return your new Verizon phone 30 days from the day of purchase. It won’t attract any termination fee; neither will you be charged to pay off the phone’s payment. But Verizon will charge you a $50 restocking fee.
Can I Cancel My Verizon Contract?
This depends on if you are on Verizon’s long-term contract or the month-to-month contract.
If you are on Verizon’s long-term contract, usually 24 to 36 months, Verizon will charge you an early termination fee when you cancel your account.
The early termination fee is usually $350 but the amount is reduced based on when you cancel your contract. For each month you delay canceling your contract, Verizon will reduce $15 from the cancellation fee.
On the other hand, the month-to-month contract does not attract any early termination fee when you cancel the contract. Little wonder most people are opting for this short-term contract.
Can I Trade My Phone If I Still Owe Verizon?
Verizon has a trade-in program that allows you to trade in your phone for a higher phone. But you can’t trade in your current phone if you still have outstanding payments on your current phone payment plan.
Can I Transfer My Phone To A New Carrier If I Still Owe Verizon?
Yes. Most carriers in the United States offer a buyout plan. This means that, when you switch to their network, they will pay any outstanding bill you have with your previous carrier.
Contact your new carrier’s customer support and confirm their buyout policy before you transfer your Verizon phone to them.
Hi, I’m Ron D. Morgan. TECODY IS MY BRAINCHILD. I’ve worked in a tech startup in the last 7 years. I decided to branch out and start TECODY as a side project to provide tech troubleshooting tips for readers.
Got my two friends who are Nerd Heads too and here we are. The aim here is to provide readers with accurate info to help them resolve basic troubleshooting issues with Network and devices. You can always reach out to us via our Contact Us Page.