If you`re looking to buy out your Verizon contract, there are a few things you should know. This process can be a bit confusing and involve some fees, but with the right approach, you can break free from your contract and find a plan that better suits your needs.
First, it`s important to understand why you want to buy out your contract. Maybe you`ve found a better deal with another carrier, or your current plan no longer meets your needs. Whatever the reason may be, it`s essential to weigh the costs and benefits of breaking your contract before making any moves.
Verizon`s early termination fee varies depending on the type of contract you have. If you had a two-year contract and are looking to break it early, the early termination fee can be as high as $350. If you`re on a monthly payment plan or a device payment plan, the fee is calculated as the remaining balance on your device plus any outstanding monthly payments.
Once you understand the financial implications of breaking your contract, you can start the process. Here are the steps you`ll need to follow:
1. Check your contract terms: You`ll need to know the details of your contract, such as when it expires, what type of contract you have, and what the early termination fee is.
2. Contact Verizon: Call Verizon`s customer service department or visit a Verizon store to ask about buying out your contract. Be sure to have your account information and contract details ready.
3. Pay the termination fee: If you`re breaking a two-year contract, you`ll need to pay the early termination fee. If you`re on a monthly or device payment plan, you`ll need to pay the remaining balance on your device and any outstanding monthly payments.
4. Find a new plan: Once you`ve paid the termination fee, you`re free to switch to a new carrier or plan. Shop around to find a plan that meets your needs and budget.
5. Port your phone number: If you want to keep your phone number, you`ll need to port it to your new carrier. Contact your new carrier to initiate the porting process.
Breaking your Verizon contract can be a bit of a hassle, but it`s worth it if you`re not satisfied with your current plan. Just be sure to understand the financial implications and follow the steps outlined above to ensure a smooth transition to your new carrier.
