Verizon Buy Out Contracts: What You Need to Know

For many people, committing to a phone contract can feel like a burden. Maybe you`re ready for a new phone, or you`re moving to an area with spotty coverage, or you`re just tired of spotty customer service. Whatever the reason, you may be looking to get out of your Verizon contract early. But can you do it? And if so, what will it cost you?

The good news is that Verizon does offer a way out of your contract. The bad news is that it will likely come with some hefty fees. Depending on the type of contract you have, you may be able to simply pay a flat fee to terminate your agreement early. However, for most plans, you will have to pay a prorated fee based on the remaining months of your contract.

Verizon offers a few different types of contracts, and the fees for terminating them early vary. If you are on a „device payment” plan, you will be required to pay off the full balance of the device before canceling service. If you are on a traditional two-year contract, you may be charged an early termination fee of up to $350.

It`s worth noting that Verizon does offer a „Device Payment Plan Early Upgrade” option, which allows you to upgrade your phone after paying off 50% of the device cost. This may be a more cost-effective option than paying off your full device balance and then terminating your contract.

If you are looking to switch to a new carrier, some may offer to pay your early termination fees in order to get your business. However, it`s important to thoroughly research the terms and conditions of any offer before making the switch.

In conclusion, while Verizon does allow for termination of contracts early, it will likely come with a hefty fee. It`s important to carefully weigh the cost of terminating your contract against the benefits of switching carriers or upgrading your device. As always, make sure to thoroughly research any options before making a decision.