Does Verizon Pay off Your Old Contract

Are you tired of your current phone contract and looking to switch to Verizon? If so, you may be wondering if Verizon pays off your old contract. The answer is yes, but there are some conditions you need to meet.

Verizon offers a promotion called Contract Buyout, which allows customers to switch to Verizon and have their old phone contract paid off. However, there are some important details you should be aware of before taking advantage of this offer.

Firstly, you need to be a new Verizon customer and sign up for a qualifying plan. The Contract Buyout promotion is available for customers who switch to Verizon and sign up for a new line of service on a postpaid plan, either with a new device purchase or when bringing your own eligible device.

Secondly, you need to have a device payment plan or an ETF (Early Termination Fee) from your previous carrier that Verizon can pay off. The maximum amount that Verizon will pay off is $650 per line, minus the trade-in value of your current phone. This means that if your ETF is less than $650, Verizon will only pay the amount owed, and you won`t receive any remaining credit.

Thirdly, you must submit your final bill from your previous carrier within 60 days of activating your new Verizon line. This allows Verizon to verify the amount owed and pay it off on your behalf.

It`s important to note that the Contract Buyout promotion can only be used once per customer, and it cannot be combined with any other offers or discounts. Also, if you cancel your new Verizon line before 6 months, you will be responsible for repayment of the ETF paid off on your behalf.

In conclusion, Verizon does pay off your old phone contract through its Contract Buyout promotion. However, there are some conditions you need to meet before taking advantage of this offer. Make sure you have an eligible device payment plan or ETF, sign up for a qualifying Verizon plan, and submit your final bill within 60 days of activating your new line. By meeting these conditions, you can say goodbye to your old phone contract and hello to your new Verizon plan.