Can I make extra payments towards my balance on the device payment program?

[Bexx361]

Quick question if anyone knows the answer. If I purchase a phone and am planning to make the monthly installments for however long it is, am I able to make extra payments on it to pay it off sooner? Or do I have to take the full 24 months to pay it off? I really would like to purchase a Note4 but would like to pay it off quicker than 2 years. Anyone who can help I would greatly appreciate it! Thank you.

[Tidbits]

Yes

[Bexx361]

Thank you!

[rcschnoor · Accepted solution]

They don't really allow you to make "extra payments", they WILL allow you to make AN extra payment though. What they will allow you to do is to make 1 lump sum payment to pay off the device in full at any time. Other than that they do not allow you to make extra payments. They do not allow you to pay a little extra each month OR to make an extra payment UNLESS it is to pay off the device in full.

[Weth]

Second rcschnoor, It is not like some loans that you can pay extra payments. It is either the monthly payment, or the full remainder.

[RushFan2112]

So, if you want to pay extra to the phone, you cannot.  You could set extra money aside and when you get to the point where that extra covers the balance remaining, use it to pay the phone off completely,

[ctelsee]

How about Verizon made a mistake on my trade-in and today I receive my e-card with the amount for trade-in it took three months. 

[kh_jenn]

Due to the age of this thread, it will be locked in order to keep discussions current. If you have the same or a similar question/issue we invite you to start a new thread on the topic.

[vzw_customer_support]

Great question! Although you're not able to make extra payments towards your Device Payment Program (DPP) agreement, you can pay off your device payment agreement in any of these ways:

• Online in My Verizon on the Pay off device page. Pay Off Device displays next to any device that's eligible for pay off. Click and follow the prompts.
• In the My Verizon app:
  • Open the menu at the top left.
  • Tap Plans & Devices.
  • Find the device you want to pay off. If it's eligible, you can choose Pay Off Device and follow the prompts.
• By dialing #PMT from your device to pay using our automated voice system.
• At a Verizon store

Please note:

• When you pay off your device, any monthly promotional credits you get for that device will stop.
• To pay off your agreement, your account can't be past due.
• If it's still within the device's 30-day return and exchange period, then you can only pay off the device in a Verizon retail store.

For more information about the Device Payment Program, please visit our website at http://spr.ly/6606K8dl6.

I hope this helps. -Robert C.