Carrier Is it best to payoff Verizon Edge iPhone 6 now?

Discussion in 'iPhone' started by jekjones1558, Sep 4, 2015.

  1. jekjones1558 macrumors 6502

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    #1
    I want to payoff my Verizon iPhone 6 so that I can give it to my friend and then buy the new iPhone 6s for myself on the 24 payment plan. Would it be easier to pay it off now or just wait until I order the iPhone 6s?
     
  2. ECJ macrumors 6502

    ECJ

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    #2
    It all depends on what Edge program you have. Do you have the 50%, 60% or 100% plan, to upgrade? I signed up Sept. 17th of last year, and have the 60% upgrade plan. When you go to upgrade to the 6S, you can pay the amount needed to get to the threshold needed to upgrade. If you pay off the iPhone 6 now, you may have to wait 30 days before you can upgrade. So I would just pay what you need to upgrade at the time you are ordering the 6S.
     
  3. eric3312 macrumors 6502

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  4. eric3312 macrumors 6502

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    #4
    Are you saying that when you go to "Edge Up" to get the 6s you get the option to pay off the remaining balance to keep the phone?...and then you also get to start a new Edge agreement for the 6s?
     
  5. ECJ macrumors 6502

    ECJ

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    #5
    Exactly. I just went through this exact situation. I wanted my pay the $47 to get to 60%, to enable my upgrade "Edge Up". You can only do that at the time of upgrade, even though I was trying to do it early in preparation of next weeks release. I called Verizon to confirm, and went into a corp. store. Both confirmed, you can only pay it completely off now or pay the difference needed per your Edge contract, at the time of upgrading.
     
  6. jekjones1558 thread starter macrumors 6502

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    #6
    Yes. I can see on the Verizon site what my payoff amount is in order to keep the phone. I was just wondering if anyone on this forum has experience with paying it off early so I don't run into complications when ordering the iPhone 6s on the payment plan.
     
  7. ECJ macrumors 6502

    ECJ

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    #7
    This should help. http://www.verizonwireless.com/support/device-payment-faqs/
     
  8. posguy99 macrumors 6502

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    #8
    If you pay only the difference necessary to get you to your upgrade level, you are expected to return the phone. Only if you pay off the entire outstanding balance can you keep the phone.

    If you do not return the phone, VZW will catch up and bill you for the remainder of the balance.
     
  9. NM08SRT8 macrumors 6502a

    NM08SRT8

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    #9
    Be prepared, you "Edge up" now, you're keeping that new 6s/+ for 2yrs or until you pay it off. No more edging up after 1yr.

    Pissed because this is why I signed up for edge. Now I find out that "perk" is gone and now you keep the phone for 2yrs through payments.

    Pissed right now to say the least.
     
  10. jekjones1558 thread starter macrumors 6502

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    #10
    Somehow I am not communicating my question well. I am planning to pay off the phone in total so that I own it. My question is whether it is better to pay it off right now, before the 6s comes out, or pay it off at the time that I buy the 6s.
     
  11. maflynn Moderator

    maflynn

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    #11
    Pay it off now, so there's no problems in getting the 6s.
     
  12. ECJ macrumors 6502

    ECJ

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    #12
    It depends on what Edge agreement you are under. If you are under one of the 50%, 60% or 75% plans then, I would get the 6s then pay off your current phone. I'm reading that if you pay off in full early, you have to wait 30 days before you can do the Edge/financing program. So paying in full now would not let you use the program next week, if you that was what you are planning. If you started the Edge program after May 31st, 2015 then you can pay off now and not worry about that 30 wait period.

    https://community.verizonwireless.com/thread/863600 (check VZW's answer in 3rd post)
    http://www.androidheadlines.com/2015/05/verizon-edge-program-gains-new-policy-changes-may-31st.html
     
  13. jekjones1558 thread starter macrumors 6502

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    #13
    So I guess I need to call to see whether the 30 rule applies to me. Thanks for the input.
     
  14. cagcody macrumors regular

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    Oct 28, 2012
    #14
    Quick question. I am on the Verizon Edge program and will be preordering the iPhone 6S Plus when it comes out. I'll have to pay the remaining balance to get to 75% to upgrade. My question is, can I go ahead and do that now to speed up the process when the preorders happen?
     
  15. Nelliebee macrumors member

    Nelliebee

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    #15
    I had verizon edge also. I had a similar plan where if I paid 75% of the phone and returned my current phone I would then be able to upgrade.

    I did the math and found it would be more cost effective to pay off my 6 plus completely and sell it to someone else instead of paying off 75% of the price of the phone and still having to give the phone back to verizon.
     
  16. ECJ macrumors 6502

    ECJ

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    #16
    Currently there is no way to prepay the difference to let you upgrade. You have to pay that amount at the time of upgrading. There used be an option on the site, but they have removed it.
     
  17. ECJ macrumors 6502

    ECJ

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    #17
    I'm in the same boat. My payoff amount is $380 for my 6+ 128GB. I can get at least $600 for it on eBay. I'm just going to upgrade, then sell it on eBay. Then payoff the 6+ and pocket the difference.
     
  18. TitleistGolfer macrumors member

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    #18
    I think i read somewhere that you cannot preorder a iPhone via apple's website and select the Edge payment plan. You have to go to a Verizon store to have the Edge option.
     
  19. btrav13 macrumors 6502

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    #19
    If you want to own the phone outright, just go into a store and pay the remaining balance. Simple as that. Then order your new phone when it launches on Device Payments (formerly Edge). This isn't that difficult.

    I paid off my 6+ last year with my tax return. So my AT&T phone line is now only $15 and I own the phone outright. I think I'm going to wait another year and enjoy the $15 access fee and buy the 7.
     
  20. iApple_man, Sep 8, 2015
    Last edited: Sep 8, 2015

    iApple_man macrumors regular

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  21. reverberlayed macrumors regular

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    #21

    I'm still foggy on some details. Perhaps someone knows a definitive answer. I bought my iPhone 6 with Edge last year on release. I planned on paying off my Edge agreement. I don't want to pay if off now as I'd have to wait 30 days to get another device. You recommend getting the 6s first, then paying off the Edge agreement. How do you plan on doing that? Do you know if it will give the option to payoff the balance when I go to buy the 6s under the device payment plan?
     
  22. ECJ macrumors 6502

    ECJ

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    #22
    You accomplish the payoff of the iPhone 6, by waiting 14 days. If you don't return the iPhone 6 within 14 days, Verizon will charge your account for the remaining balance, per Paragraph 6 of the Retail Installment Contract (below). You would then pay that amount that has been added to your monthly bill.

    When you go to upgrade to the 6s, it will only give you the option to pay the amount needed to get you to your upgrade threshold (50%, 60% or 75%). Between now and Friday, Verizon can change their policy, but as of now thats the procedure.

    Paragraph 6 of the Retail Installment Contract

    6.EDGE UP OPTION. Subject to the terms in Section 2 above, if you pay us 60.0% of the total amount due under this Agreement, and provided you have a good payment history and no outstanding balances on your accounts, following the initial thirty days after your acceptance of this Agreement you can exercise an option to trade in your Device (or an Authorized Replacement, as defined below) for a new device (your Edge Up option). To qualify, you must both: (1) purchase a new device under a new installment agreement or in conjunction with a new two- year Customer Agreement and subscribe to Verizon Wireless service with us; and (2) return your Device to us in good working condition and without significant damage as determined by us (for example, no cracked screen, no water damage, and the device must be fully operational). If you do not return your Device within 14 days of the receipt of your new device, or if you return a Device with significant damage or deemed not to be in good working condition, you will be responsible for paying in full the entire remaining balance owed for your Device on the date stated on your bill. If you elect to ship your Device to us while exercising this Verizon Edge Up option, you must follow the directions we provide so we can confirm that your returned Device is in good working condition. Authorized Replacement means a Certified Like-New Replacement device provided by Verizon Wireless, a replacement device covered under an authorized insurance program approved by Verizon Wireless, or an Apple Care replacement device. ​
     
  23. reverberlayed macrumors regular

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    #23
    Ah ha, that makes sense. Thanks for the help!
     

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