08-30-2021 07:21 AM
If you want to switch carriers you will need to pay off the remaining balance on the phone.
This is where it gets a little tricky. If you got the phone at a discount through a promotion through Verizon you will have to pay it off with the discount pro-rated.
meaning if the phone should have been $30 and you got it at $20 a month, the balance needing to be paid off will be based on $30 a month because you are opting to cancel your contract early. That discount price was based on going the full term of the contract.
put a different way. Say the phone you got was priced at $1200 and you got it for $800 during a promotion. If you go the full term of the contract you will have paid $800 for the phone. If you cancel the contract half way through you will owe $600 to buy out of the contract.