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Why can't we make extra payments towards our devices on the Device Payment Plan?

gotmusic28
Member

Hello,

I recently traded in my Samsung Galaxy for an iPhone 6s Plus. I'm using the Device Payment Plan and was excited to hear that for iPhones, once we pay off 1/2 the balance, we're eligible to upgrade without having to pay the phone off in full. Well, here's my beef: Why can't we make extra payments towards our phone? Our only options are the regular monthly payment or pay off in full? That seems ridiculous to me. I have a $95 credit on my bill for my trade in and wanted to apply that towards what I owe on the iPhone. But I can't do that. You'd think at least the trade in value could be applied to the new phone balance.

I guess I'm hoping that perhaps that policy might change? How are we supposed to pay off 1/2 the balance of our phones before the 24 month agreement is up if we can't make extra payments towards the phone?

Frustrated.

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Correct Answers

Re: Can't make extra payments towards phone w/ Device Payment Plan?

Community Manager
Community Manager

gotmusic28, that is a great question. With the Device Payment Plan the payment is spread over the 24 month period. Once the the payment meets the 50% mark and device has been active on the account for 6 months then you will be able to upgrade to the next iPhone. You can pay off the 50% at any time but it will have to be the remaining balance of the 50% that will have to be paid off. We will not be able to change the monthly payment because it was signed for that amount for the next 24 months . Here are more details http://vz.to/1Q9MLFI.
ZangY_VZW
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View solution in original post

Re: Can't make extra payments towards phone w/ Device Payment Plan?

Community Manager
Community Manager

gotmusic28, that is a great question. With the Device Payment Plan the payment is spread over the 24 month period. Once the the payment meets the 50% mark and device has been active on the account for 6 months then you will be able to upgrade to the next iPhone. You can pay off the 50% at any time but it will have to be the remaining balance of the 50% that will have to be paid off. We will not be able to change the monthly payment because it was signed for that amount for the next 24 months . Here are more details http://vz.to/1Q9MLFI.
ZangY_VZW
Follow us on Twitter @VZWSupport
If my response answered your question please click the �Correct Answer� button under my response. This ensures others can benefit from our conversation. Thanks in advance for your help with this!!

View solution in original post

Re: Can't make extra payments towards phone w/ Device Payment Plan?

gotmusic28
Member

My point is that I would just like to make additional payments towards the phone so that I can pay it off sooner than the 24 months or reach the 50% mark sooner. Or... at least apply the credit for my trade in towards the balance of the new phone. That's what I traded it in for. Neither of these are an option and that seems a bit ridiculous. I was told we could pay it off at any time but I wasn't told that it was either make 24 monthly payments or pay it in full. It is what it is, I know. But still seems weird that we aren't able to apply extra payments if we want to.

Re: Can't make extra payments towards phone w/ Device Payment Plan?

Tidbits
Sr. Leader

You could just save it and when you have enough for that 50% you are set

Re: Can't make extra payments towards phone w/ Device Payment Plan?

Paula1974
Member

I totally agree.  They are getting the money either way, and the trade in should definitely come off the price of the new phone.  Verizon needs to change that policy for those people who would like to get it on the payment plan, but would also like to put whatever extra that they can towards the price of the phone when they have it.