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Paying off a phone
lmp6164
Member

I bought a new Verizon iPhone 12 on Dec 20, 2020. When I purchased the phone, it was $1199.99. I used a $5 credit to make it $1194.99.

After I received my bill in January, I called Verizon because I wanted to pay it off in full. (The bill is attached (1) showing $1155.07 remaining after I pay the January bill). The amount online to pay off was $1299.56. The gentleman I spoke to said he could not figure out how to adjust the amounts. He suggested I wait to make 1 payment to let the amounts adjust. Fine

 I now get my second bill and it shows payment 1 received and I owe $39.87 for payment #2. Once I pay this bill the remaining balance on the phone will be $1115.24. (2) I again call Verizon to pay off the phone. I should only have to pay $1155.07 as stated on January bill. Well, online it says payoff is $1256.14. (4)

I call again and am told that the difference is the interest I am prepaying.)  I spoke to 3 people all who could not help and would transfer me. From Customer Support to Payments to Billing. I again, say on my contract I am reading that the amount I will pay after all monthly payments will equal $1194.99. (3)  It also says no prepayment penalty. If I were to make the 30 payments every month it still would equal $1194.99

How do I pay off my phone for the $1194.99 minus the first payment of $39.92 and since my next payment of $39.83 is due I will pay that now.  So, I only should, per agreement, February billing, and contract, only  owe a balance of $1115.24. I do not owe any interest or prepayment money. The contract says right on it that after 30 months it will be a total of payments of $1194.99.

I can certainly make monthly payments, but I don’t want to. Also, if I choose to pay off and upgrade early online it says I owe $1155.07.  (5)  But why would I upgrade a new phone? But, these numbers do finally agree.

Please have someone investigate this and do whatever adjustments need to be done so I can pay off my device before the next billing which will be due on March 14th.

Please have someone call me so I know when I can go on and pay this off online or over the phone.

Sincerely,

 

 

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Re: Paying off a phone
vzw_customer_support
Customer Support

We know this can be confusing. When quoted a pay off amount, if you have not paid your current bill, the pay off amount includes what has been billed. If you contact us after you pay the current bill, and before the next bill is issued, then it reflects the adjusted amount. If you pay off your current device before you pay the current bill, then your bill should be automatically adjusted to reflect the removal of the device payment. Does this help clarify things at all? - ErichC_VZW

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