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Thread: Verizon Edge Early Upgrade

  1. #1
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    Verizon Edge Early Upgrade

    Does Verizon still allow early upgrades once 50% of the installment balance is paid?

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    Yes my plan allows that, but I don’t think they call it Edge anymore. You can even upgrade sooner if you can finish paying the first 50%. And if you pay off the phone your next bill will not include that installment and if you overpay the 50% it gets credited back to you.

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    Quote Originally Posted by techfranz View Post
    Yes my plan allows that, but I don’t think they call it Edge anymore. You can even upgrade sooner if you can finish paying the first 50%. And if you pay off the phone your next bill will not include that installment and if you overpay the 50% it gets credited back to you.
    what plan do you have that you can upgrade at 50%?

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    All of the Verizon device payment plans (formerly known as Edge) allow for upgrades at 50%.

    If you're not at 50%, you can still upgrade and the remaining balance will be added at checkout to achieve 50% status. For example, if you've made 10 out of 24 payments, 2 additional device payments will be added to your cart at checkout to achieve 12/24 (50%) when you go to upgrade your phone.

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    Are you guys talking about the annual upgrade program? Or something else? With the annual upgrade program you can upgrade when 50% is paid off, But not all phones qualify for that anymore. The Note 8, for example, isn’t annual upgrade eligible, but the iPhone 8 is and the S8 is or was.

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    Tablets aren't eligible to upgrade at 50%. At least according to my Verizon online account.

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    According to Verizon, not eligible to upgrade til phone payment is made in full. No longer have the 50% upgrade,only the iphones and some Samsung phones from last year. Tablet is eligible in November when paid off, unless I want to pay 15% to upgrade now. Phone (lgV20) not eligible til next year, unless I want to pay total off.

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    Quote Originally Posted by jkozlow3 View Post
    All of the Verizon device payment plans (formerly known as Edge) allow for upgrades at 50%.

    If you're not at 50%, you can still upgrade and the remaining balance will be added at checkout to achieve 50% status. For example, if you've made 10 out of 24 payments, 2 additional device payments will be added to your cart at checkout to achieve 12/24 (50%) when you go to upgrade your phone.
    From Verizon site:

    You must have an active device payment agreement prior to 5/31/15, and meet the following requirements:

    Have a device payment agreement for at least 30 days

    Return the old device in good working condition with no significant damage, as determined by Verizon Wireless

    Meet financial and account eligibility requirements

    Have paid at least 75% of the retail price of the device

    Customers who entered into a device payment agreement prior to 6/1/14 must have paid 50% of the retail price

    Customers who entered into an device payment agreement between 6/1/14 and 10/15/14 must have paid 60% of the retail price

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    Quote Originally Posted by ferret57 View Post
    According to Verizon, not eligible to upgrade til phone payment is made in full. No longer have the 50% upgrade,only the iphones and some Samsung phones from last year. Tablet is eligible in November when paid off, unless I want to pay 15% to upgrade now. Phone (lgV20) not eligible til next year, unless I want to pay total off.
    Didn't realize iPhones were treated differently (iPhone user here).

    Why not just pay off the device and sell it (privately) or trade it into Verizon? We're on device payment plans and upgrade every year. Sometimes I pay off our iPhones in full and simply sell them or trade them in elsewhere. You usually make more money vs. simply turning in the phone at the 50% mark. I do the same with my leased vehicles, as they are usually worth more than the buyout at the end of the lease. I trade them in towards the next car vs. simply handing the car back to the dealer and I usually end up with $2k+ in equity towards my next vehicle.

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    Verizon Edge Early Upgrade

    Quote Originally Posted by jkozlow3 View Post
    Didn't realize iPhones were treated differently (iPhone user here).

    Why not just pay off the device and sell it (privately) or trade it into Verizon? We're on device payment plans and upgrade every year. Sometimes I pay off our iPhones in full and simply sell them or trade them in elsewhere. You usually make more money vs. simply turning in the phone at the 50% mark. I do the same with my leased vehicles, as they are usually worth more than the buyout at the end of the lease. I trade them in towards the next car vs. simply handing the car back to the dealer and I usually end up with $2k+ in equity towards my next vehicle.
    $2000 might be worth it for a car to buy out and sell Privately.

    However, I buy an $800 iPhone and make $400 of payments on it I then can move to the next latest model without the hassle of erasing & boxing everything up for sale on eBay. This seems to work out OK. The phone probably is only worth $475 at that point anyway and Verizon pockets that money. But all the eBay fees and shipping fees and all can gobble up the $75 made fairly quick.

    The one downside to early trade-ins is that while you don’t bear the brunt of the phone dropping in value you also don’t get to keep the equity in the phone. So one day you drop Verizon and you have no phone and no equity because it wasn’t paid for.

    With an early trade in you also did not do much worse for depreciation either than the guy who pays his phone off completely.

    So we are talking about losing $50-100 in equity by doing the trade-in, which might be no big deal if you have better stuff to do than Swappa or eBay.

  11. #11
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    Quote Originally Posted by techfranz View Post
    $2000 might be worth it for a car to buy out and sell Privately.

    However, I buy an $800 iPhone and make $400 of payments on it I then can move to the next latest model without the hassle of erasing & boxing everything up for sale on eBay. This seems to work out OK. The phone probably is only worth $475 at that point anyway and Verizon pockets that money. But all the eBay fees and shipping fees and all can gobble up the $75 made fairly quick.

    The one downside to early trade-ins is that while you don’t bear the brunt of the phone dropping in value you also don’t get to keep the equity in the phone. So one day you drop Verizon and you have no phone and no equity because it wasn’t paid for.

    With an early trade in you also did not do much worse for depreciation either than the guy who pays his phone off completely.

    So we are talking about losing $50-100 in equity by doing the trade-in, which might be no big deal if you have better stuff to do than Swappa or eBay.

    I agree with you, and I *usually* just turn my phone back into Verizon when I upgrade annually. I'm blessed to be in a financial situation where pocketing $50 isn't worth the hassle. I was simply suggesting to the OP that they could pay off the phone 100% and sell it if they weren't eligible for an "upgrade".

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