Guide to Verizon Wireless Device Payment and Phone Leasing
Purchasing the newest smart phones can be thrilling, but making sure to identify a payment plan that works for each individual budget is crucial. The Verizon Device Payment plan is one of many phone plans offered by carriers which aim to eliminate financial stress when choosing the perfect phone. With the Verizon Device Payment plan, customers have the freedom to upgrade their device early and pay for their device in monthly installments over 24 months instead of paying the retail price all at once. While many other carriers offer a similar installment plan to comfortably pay for a new phone, Verizon's plan is unique in several ways. Below is a comprehensive look at how Verizon's device payments work and the rules involved with their payment plan, beginning with a look at basic info for the device payment plan.
Once a customer has signed off on a device installment agreement, there will be a one-time $30 activation fee when a new line has been activated. Additionally, there is a $30 upgrade fee whenever a new device has been added to an existing line. The monthly device payments will be charged to the customer’s bill and the specific terms and payment amounts can be found on the first bill. A customer can choose to pay the installments over the full payment period, or, if they are able, to pay off the total price of the device at any time.
Is this device payment program the same as Verizon Edge?
Yes, the name "Verizon Edge" has been changed to the Verizon device payment program, however there are no changes to the agreement so customers can expect the same payment plan as before.
It is also important to note that Verizon offers the MORE Everything Plan, which offers unlimited minutes, messaging, data options, mobile hotspot and unlimited international messaging from the US. To apply for the MORE Everything Plan the customer must already be enrolled in an Verizon unlimited plan. Customers that satisfy the requirements for being in The MORE Everything Plan can then stay on it, add new devices, upgrade devices, or change data allowances as they see fit.
What are monthly line access charges on the device payment program?
Depending on a customer’s phone plan, the monthly line access charges will vary. For example, smartphone lines on the new Verizon Plan or The Verizon Plan with an active device payment will feature a monthly access charge of $20. For lines added to The MORE Everything Plan with an active device payment agreement, there will be several variations of payment depending on which data plan a customer chooses.
The data charges are applied in this way: 4 GB of data will feature a $25 monthly access charge, but will appear on the bill as a $40 charge with a compensating $15 credit. Lines with 6 GB of data or higher will have a $15 monthly access charge displayed as a $40 charge and a compensating $25 credit. Basic phone lines will feature a $20 monthly access charge and will be displayed on the bill as a $30 charge with a compensating $10 credit.
Can an existing Verizon Wireless customer purchase a device under a device payment agreement?
Yes, a customer can enroll as long as they’re eligible to upgrade and have entered into a device payment agreement.
How do you add more device payment agreements to an online account?
The number of device payment agreements is congruent with the number of active lines, however this is contingent on not exceeding the program spending limit. If the equipment upgrade or additional lines result in charges exceeding the spending limit, a down payment will be required in order to lower the amount financed. There are various online options to add additional lines of service on the Devices page of the Verizon website.
What it means to receive a letter about not being eligible or having to make a down payment for the device payment program and how can a customer become eligible
Given that the device payment program requires an installment agreement to pay for the device over time, Verizon will check for customers to be in good financial standing. When a customer is not currently eligible for the device payment program, there are several ways to qualify.
If the account has returned payments and the payment options have been limited to cash only, paying the balance in full every month for the next six months can reinstate eligibility. In addition, paying off all the balances on an account is also necessary if the account balance is past due $25 or more when a device payment plan was applied for.
When a customer has any unpaid accounts with Verizon Wireless that have been disconnected for non-payment and referred to an outside collection agency, paying off the debt in full will restore eligibility. Also, if an account has been suspended for non-payment within the last 6 months, the bill must be paid in full for the next 6 months to qualify.
When an original activation credit decision resulted in requiring payment of a security deposit which Verizon is still holding on the account, the bill must be paid in full each month for one year from when the deposit was originally paid.
Can a customer add insurance or other equipment protection options for a device purchased under a device payment agreement?
Yes, insurance can be purchased along with other equipment protection services to cover loss, theft, accidental damage, and certain post-manufacturer warranty defects.
Will Verizon's Return and Exchange Policy and a 1-Year Warranty apply to devices purchased under a device payment agreement?
Yes, Devices on the device payment program will be covered.
It is vital for potential Verizon customers to understand information on Installment Agreement and Payment plans past the basic info. Below is a look at the more subtle rules to the device payment program contract.
Why does the device payment program require two agreements?
Customers should be aware that an installment agreement is required to purchase a device under the device payment Program. Device payment customers must also agree to the Verizon Wireless Customer Agreement, their calling plan, and other important terms.
Can a customer pay more than the scheduled monthly device payment installment?
No, the only exceptions to making additional payments are when paying off 100% of your device payment agreement balance, or if customers are on device payment agreements prior to 5/31/15, then they can make the required payment to complete the upgrade.
Where can a customer view their remaining device payment balance?
A remaining device payment balance is available for viewing in: On Your Bill, Online in My Verizon, or by dialing #BAL from the device.
How can a customer pay their remaining balance of the device payment agreement?
A customer can pay off the device payment agreement in three ways: Online in My Verizon, at a Verizon Wireless store, or by Calling a Customer Service Representative at Verizon's number: (800) 922-0204.
Will a user still need to make monthly device payments if their device is lost, stolen or damaged?
Yes, all customers are responsible for monthly device payments under the device payment agreement until it is paid off.
What are the options if a device is lost, stolen or damaged?
There are several options. If the customer has an Equipment Protection on the device, they may file a claim with Asurion for a replacement device and continue with their monthly payments. If the device has a defect and isn't physically damaged, it may be covered by manufacturer's warranty. A customer may still need to pay off the remaining balance and then buy a new device on the device payment program.
If a customer voluntarily suspends service on their device, are they still required to pay the monthly installments?
Yes, if a customer voluntarily suspends service even without billing, they’ll still receive a monthly statement with the device payment charges. The charges are due according to the payment schedule included on the device payment agreement.
However, if a customer’s line is suspended under Verizon’s Military Service Policy, they won't be billed device payments during the military suspension (limit for military suspend is 3 years and 90 days) and the payments will resume upon return from military service.
Can a customer have a device payment agreement without an active Verizon Wireless mobile number?
No, a customer must have an active Verizon Wireless mobile number in order to have a device payment agreement.
If a mobile number that has an active device payment agreement is disconnected, the remaining balance of that agreement will be due on the next bill.
No matter the carrier, customers should remain aware of the specific billing and pricing rules and what exceptions there may be for upgrade eligibility. Below are these rules for Verizon payment options.
If a customer just purchased a new device on the device payment program, what should they expect to see on their monthly bill?
The first bill after signing up for the device payment program might be higher than expected because it could be prorated. This means that upgraded an existing line with a price plan change may incur price plan charges and credits that went into effect.
The bill will normally reflect: the prior installment payment, the next installment charge if the customer is on a MORE Everything Plan on an active device payment agreement, or a monthly access offset credit for each qualifying smartphone or basic phone line.
Where on the bill does it show device payment line credits and charges?
Credits can be found at the line level page of the bill under Monthly Charges, immediately following the line Monthly Access Charge.
Why would a customer be billed for their remaining balance?
When a customer performs an early upgrade (for customers with device payment agreements prior to 5/31/15), they are required to return the old device within 14 days. The remaining balance of the device payment agreement is then charged on the next bill. Once an old device is received by Verizon and determined to be in good working condition, the charge is credited.
Although if the device was returned, it may have been for one of the following reasons: the device was not in good working condition, the device was received after the requisite 14 day period, or the wrong device was returned.
Customers should take note that any device returned by Verizon will be sent back with an included explanation of why it was returned.
Why would there be a charge for an early device upgrade non-return fee on the bill?
If a user qualified for an early device upgrade promotion, they may have been required to send us Verizon their current device.
Occasionally, carriers offer early device upgrade promotions that will allow users to purchase a new device sooner then the device payment plan would normally allow. Below is Verizon's policy on upgrading a device early.
What is Verizon's Early Device Upgrade?
Verizon's early device upgrade is an occasional promotional offer available for lines that aren't currently eligible to upgrade. Those lines can upgrade early on the device payment program, but may require a customer to turn in your current device. The promotional offers vary and may be subject to further eligibility requirements.
If a customer did an early device upgrade promotion and needed to return their current device as part of the promotion, How would they return the device?
If a customer is required to send Verizon their current device as part of a recent early device upgrade promotion, they must send the device to Verizon within 14 days of receiving a new device, or they’ll be charged the early device upgrade non-return fee of up to $329, depending on the device. The fees are as follows: $99 for basic phones, $199 for smartphones and $329 for iPhone 6 or newer.
The device returned must be in good working condition, and the same one activated on the upgraded line.
Here are some Verizon Wireless plans that you can lease a phone with:
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