Are you feeling a bit tied down by your Verizon device payment plan? Maybe you've spotted a fantastic deal on a new phone, your current device is no longer meeting your needs, or you simply want more financial flexibility. Whatever your reason, you're not alone! Many Verizon customers find themselves wanting to get out of their device payment plan before the term is up. The good news is, it's definitely possible, and often simpler than you might think. This comprehensive guide will walk you through the various ways to achieve this, step by step.
Understanding Your Verizon Device Payment Plan
Before we dive into the "how-to," let's quickly review what a Verizon Device Payment Plan (DPP) entails. Unlike older contract models, a DPP separates the cost of your phone from your service plan. You're essentially financing the full retail price of your device, typically over 36 monthly installments (though terms can vary). There are no finance charges or interest associated with these payments, which is a big plus. However, until the device is fully paid off, Verizon technically retains ownership, and the remaining balance is tied to your account.
It's crucial to understand that if you cancel your service with Verizon, the outstanding balance on your device payment agreement will become immediately due on your next bill. This is a key point to remember as we explore your options.
Step 1: Engage with Your Device Payment Status – Let's Get Started!
Are you ready to take control of your device payments? The first and most important step is to understand exactly where you stand with your current device payment plan. This means knowing your remaining balance and how many payments you have left. Without this information, it's difficult to strategize your exit.
Sub-heading: How to Check Your Device Payment Balance
There are a few convenient ways to find this crucial information:
Via the My Verizon App (Recommended):
Open the My Verizon app on your smartphone. Make sure it's updated to the latest version.
If prompted, enter your password, fingerprint, or Face ID to log in.
From the main screen, tap on the "Devices" section.
Select the specific mobile number associated with the device payment plan you want to check.
Look for the "Device Payment Agreement" section. Here, you'll see your remaining balance and the number of payments left. You might also see an option to "Pay off device."
Through the My Verizon Website:
Go to the Verizon website (verizon.com) and log in to your My Verizon account.
Navigate to the "Bill" or "Devices" section.
Your device payment plan details, including the balance and remaining installments, should be clearly displayed. You can often find this information within the "Bill details about your device" section.
By Calling Customer Service:
If you prefer speaking to someone, you can dial #PMT from your Verizon mobile phone or call 800-922-0204 from any phone.
Be prepared to provide your account PIN or the last four digits of the Account Owner's SSN for verification.
A customer service representative can provide you with your device payment balance and answer any specific questions.
Step 2: Strategizing Your Escape – Exploring Your Options
Once you know your remaining balance, it's time to consider the different paths you can take to get out of your Verizon device payment plan. Each option has its own implications, so choose the one that best fits your financial situation and future plans.
Sub-heading: Option A: The Full Payoff – Clean Break
This is the most straightforward and complete way to get out of your device payment plan. By paying off the entire remaining balance, you effectively own the device outright.
Locate the "Pay off device" option: As discovered in Step 1, this option is readily available in the My Verizon app or on the My Verizon website.
Initiate the payment: Follow the prompts to make a one-time payment for the full outstanding balance. You can typically use a checking account, debit card, or credit card.
Confirm the payment: Review the details carefully before confirming the transaction.
What happens next?
Your device payment charge will immediately disappear from your future bills.
The device is now yours, free and clear.
Important Note: If you were receiving any promotional bill credits for the device (e.g., from a "Buy One, Get One" offer), these credits will stop once you pay off the device. Factor this into your decision, as you'll be responsible for the full original price of the device if the credits were meant to offset a significant portion of it.
Sub-heading: Option B: The Early Upgrade Program – Get a New Phone, Sooner!
Verizon offers an early upgrade program, which allows you to upgrade to a new device before your current one is fully paid off. This is a popular choice for those who want the latest technology without waiting the full 36 months.
Check Eligibility:
You typically need to have paid at least 50% of the retail price of your current device.
Your account must be in good standing.
The device you're upgrading from must be returned to Verizon in good working condition with no significant damage (e.g., cracked screen, water damage). Verizon will assess its condition.
Select a New Device: Choose your desired new smartphone. This will involve entering into a new device payment agreement for the new phone.
Return Your Old Device: Verizon will provide instructions for returning your eligible device. Ensure you follow these instructions precisely and within the given timeframe (usually 30 days).
What happens next?
Upon entering the new device payment agreement and successfully returning your old device, Verizon will effectively "acquire" your old device for the remaining balance. This means your old device payment agreement is cleared.
Your only remaining obligations will be under the new device payment agreement and for your associated wireless service.
Crucial Warning: If you do not return your eligible device, or if it's not returned in good working condition, the remaining balance under your original device payment agreement will be due on your next bill. This can be a significant cost, so be very careful with the return process.
Sub-heading: Option C: Trade-In Your Device – Get Credit Towards Your Balance or New Device
Verizon's Device Trade-in Program allows you to get value for your old device, which can be applied towards your current device payment balance or a new device purchase.
Assess Your Device's Value: Visit the Verizon trade-in website (
verizon.com/tradein Choose Your Payout Method: You can often choose to apply the trade-in value as a credit to your Verizon account (which can offset your device payment balance) or sometimes receive it as a PayPal deposit or even a Verizon Gift Card. If you're getting a new phone, the credit might be applied over the new 36-month payment term.
Send in Your Device: Verizon will provide instructions for shipping your trade-in device. Make sure to disable any security features like "Find My iPhone" or Google Activation Locks before sending it in.
What happens next?
Once Verizon receives and verifies your trade-in device, the agreed-upon credit will be applied to your account.
If you're using it to pay off your existing device, it will reduce your outstanding balance. If the trade-in value covers the entire remaining balance, your device payment plan will be paid off. If it only covers a portion, you'll still be responsible for the remainder.
Sub-heading: Option D: Selling Your Device Privately – Maximize Your Return (with a catch)
While Verizon offers trade-in programs, you might get a higher value by selling your device privately (e.g., on eBay, Swappa, or local marketplaces). However, there's a critical caveat: you are still responsible for the remaining balance on your Verizon device payment plan.
Pay Off the Device FIRST (Highly Recommended): This is the most important step if you plan to sell privately. While it's technically possible to sell a device still on a payment plan (after 60 days, Verizon devices are typically unlocked and can be used on other networks), it's highly advised to pay off the balance before selling it.
Why? If the new owner attempts to trade in the phone later and it's still tied to your outstanding balance, it could be rejected, leading to major headaches for both you and the buyer. It's also generally considered more ethical and transparent.
Moral of the story: Be upfront with your buyer if the device isn't paid off, though it's best to avoid this situation entirely.
Factory Reset Your Device: Before selling, perform a complete factory reset to wipe all your personal data.
Market Your Device: List your device on your chosen platform, detailing its condition, model, and any accessories.
Use Funds to Pay Off Verizon: Once your device is sold and you receive the payment, immediately use those funds to pay off your Verizon device payment plan. This eliminates your obligation.
Step 3: Finalizing Your Exit and What to Expect
Once you've chosen and executed your preferred method, there are a few things to keep in mind regarding the finalization of your device payment plan exit.
Confirmation: You should receive a confirmation from Verizon (via email or within the My Verizon app/website) that your device payment agreement has been satisfied.
Bill Adjustments: Your next bill will reflect the changes. If you paid off the device in full, you'll no longer see the device payment charge. If you did an early upgrade, you'll see the new device payment charge.
Promotional Credits: Reiterate that if you were receiving promotional credits tied to the device, they will likely stop when the device payment plan is concluded, especially if you pay it off early. Review your original promotion terms if you're unsure.
Device Ownership: Once the device is paid off, it truly belongs to you. This means you can keep it, sell it, trade it in, or use it on another compatible network (assuming it's unlocked, which Verizon devices generally are after 60 days of active service).
10 Related FAQ Questions
Here are 10 common "How to" questions related to getting out of a Verizon device payment plan, with quick answers:
How to Check if My Verizon Phone is Unlocked? Verizon generally automatically unlocks devices after 60 days of active service. You typically don't need to do anything specific. If you need to confirm, you can try inserting a SIM card from a different carrier to see if it connects, or contact Verizon customer service.
How to Find My Verizon Account Number? Your 14-digit Verizon account number can be found on your monthly bill (paper or PDF version in My Verizon) or within the "Account" section of the My Verizon app or website.
How to Sell My Verizon Phone If I Still Owe Money? While technically possible, it's strongly recommended to pay off the remaining balance on your device payment plan before selling it privately. This prevents potential issues for the buyer and keeps your record clean with Verizon.
How to Avoid Early Termination Fees on Verizon Device Payment Plans? Device payment plans do not have traditional early termination fees (ETFs) for the device itself. However, if you cancel your service line associated with the device payment, the remaining balance of the device becomes immediately due. The only "fee" would be if you return a device after an early upgrade and it's not in good condition.
How to Upgrade Early with Verizon? You can often upgrade early with Verizon if you've paid at least 50% of your device's retail price and return your current device in good working condition. Check your eligibility and options through the My Verizon app or website.
How to Pay Off My Verizon Device Online? Sign in to the My Verizon app or website, navigate to the "Devices" section, select the line with the device payment plan, and look for the "Pay off device" option to complete the payment online.
How to Use Trade-In Credit for My Verizon Device Payment? When you trade in a device through Verizon, the credit can be applied to your account. This credit will then reduce your overall bill, effectively offsetting your device payment installments or your overall balance.
How to Get a New Phone Without a Device Payment Plan on Verizon? You can purchase a phone at its full retail price directly from Verizon or a third-party retailer. This allows you to avoid monthly device payments altogether. You simply activate the phone on your existing or new Verizon service line.
How to Transfer My Verizon Number to Another Carrier? To transfer or "port" your Verizon number, you initiate the process with your new carrier. They will contact Verizon to facilitate the transfer and disconnect that specific line. Ensure your Verizon account is in good standing to avoid complications.
How to Determine if Paying Off My Device Early is Worth It? Consider the following: if you're receiving promotional credits that will stop upon early payoff, calculate if the remaining credits outweigh the immediate benefit of paying it off. Also, weigh your desire for a new device, your financial flexibility, and any plans to switch carriers or sell the device.
