Verizon Device Payment Plan Agreement: What You Need to Know

When it comes to purchasing a new device, Verizon offers customers the option to pay for it in installments with a device payment plan. This can be a convenient way to spread out the cost of a new phone or tablet over several months. However, it`s important to understand the terms of the Verizon device payment plan agreement before signing up.

Here are some key points to keep in mind:

1. Eligibility: In order to participate in the device payment plan, you must have a Verizon Wireless account in good standing and meet credit requirements.

2. Monthly payments: Under the device payment plan, the cost of the device is divided into monthly payments that are added to your Verizon bill. The length of the payment plan varies depending on the device, but can range from 24 to 36 months.

3. Interest: There is no interest charged on the device payment plan, which can make it an attractive option for customers. However, keep in mind that the full price of the device is still being paid over time, so it`s important to budget accordingly.

4. Early payoff: Customers can choose to pay off the device early at any time with no penalty. This can be a good option if you want to upgrade to a new device, or if you simply want to pay off the balance early.

5. Upgrades: In order to upgrade to a new device before the end of the payment plan, you must have paid off at least 50% of the device cost. At that point, you can trade in your device and start a new payment plan for the new device.

6. Loss or damage: If your device is lost, stolen, or damaged, you are still responsible for making payments on the device. However, you may be able to file an insurance claim to get a replacement device.

7. Ownership: Once you have paid off the full cost of the device, it becomes your property and you can do whatever you want with it.

Overall, the Verizon device payment plan can be a convenient way to get a new device without paying the full cost upfront. However, it`s important to understand the terms of the agreement and budget accordingly to make sure you can make the monthly payments. If you have any questions or concerns about the device payment plan, don`t hesitate to contact Verizon customer service for assistance.