If I terminate my verizon service can I just return the device instead of having to pay it off?
If you have been a customer for less than 30 days, you might be able to quit and return the device if you pay a $50 restocking fee, but it depends on the details of your service agreement with Verizon, so I'd read the fine print.
If you've been a customer for longer than 30 days and your device was tied into the service agreement (i.e. you're currently receiving monthly credits related to the device), quitting early means you're going to have to pay a lump sum for the device.