Device payment plan

[Amg8887]

why cant we make extra payment towards our device payment plan?  Why do we only have the option to pay it off completely or keep making monthly payments? I wish i could choose to pay $20 or $40 extra to it to get it paid off early  

[vzw_customer_support]

Hi, there. Due to this having a payment contract we are not able to modify it. I do understand what you mean. And I am happy to submit feedback for you about this.

*Heather

[Sand09]

This should be an option. We’re the customer. I get contracts, but if someone wants to pay off their phone by making larger payments each month, or sporadically, just like on your car or mortgage, you should be able to. We didn’t receive the buyback discount like we were supposed to, we’d have already been done paying for our phones if so. Instead, we’re locked into these giant payments, or nickel and diming through to the end. 

[vzw_customer_support]

Hello, Sand09. Help is here as we always want to ensure we set our customers up for the best success when taking on a Device Payment agreement. For this to happen, we do provide FAQs on our site providing full understanding of the Device Payments and how the work. Please see the link below, reference 'Making installments' : Can I pay more than my scheduled monthly device payment installment? 

• To pay off your device. You can pay off your entire device payment agreement balance at any time.*
• If you have an eligible Apple device, you can make the required payment to complete your early upgrade.
• If you're on a device payment agreement established before 5/31/15 (formerly called Edge Up), you can make the required payment to complete your upgrade.

https://www.verizon.com/support/device-payment-faqs/

Please share more info on the buyback option. Are you referring to a trade-in? 

-Natasha

[SynthpopAddict]

I'm a prepaid customer so don't qualify for device payment plans, but is it because these deals are tied into a service agreement for X months, and that's why you either have to stick with the deal for X months as is, or else pay off the device completely, which means losing your credits?

A mortgage or vehicle lien is different IMO because you are borrowing money from a creditor at the start and then are paying them back over time.  So the creditor is more than happy for you to make additional payments towards the principal as they are getting their money back sooner.  Paying for a new phone by installments is just paying over time but not officially borrowing money from Verizon.