When it comes to switching phone carriers, many individuals are hesitant to do so due to the burden of paying off their current phone contract. This is where Verizon`s Buyout Program comes into play. But does Verizon buy out phone contracts? The short answer is yes, but there are certain conditions that need to be met.
Verizon`s Buyout Program allows for individuals to switch from their current carrier to Verizon and have their current phone contract paid off up to $650 per line. To qualify for this program, individuals must:
1. Have an existing phone contract with another carrier
2. Purchase a new phone from Verizon on a device payment plan
3. Port their current phone number to Verizon
4. Trade in their old phone
It`s important to note that the Buyout Program is not an immediate rebate or cash back offer. Rather, Verizon will provide a prepaid Mastercard within 8 weeks of receiving the final bill from the previous carrier, and the amount received on the prepaid card will be up to the amount owed on the contract up to $650 per line. Additionally, the total amount received may vary depending on the amount owed on the contract and the trade-in value of the old phone.
There are also certain restrictions to the Buyout Program to keep in mind. The program is only available to new customers or existing customers who are adding new lines to their account. The previous carrier`s final bill must also be submitted within 60 days of porting the phone number to Verizon.
In conclusion, Verizon does offer a Buyout Program for phone contracts, but it is important to meet the necessary requirements and restrictions in order to qualify for the program. As always, it`s important to carefully read and understand the terms and conditions before committing to any program or contract.