If you're eligible for an upgrade you would probably have to pay off the remaining balance if you upgraded
Don't know for sure though
If you still owe balance, they'll just take it off you and not give you any credit on that phone. U will just start a new lease on the 7.
Well this is as long as you have atleast 50% paid off
This was my understand as well, except I was in Verizon earlier and was speaking to a rep (who I hope had the wrong idea in his head) who told me that even if you have 75% off and are doing an early upgrade, trading in the phone, your REMAINING BALANCE on that phone is carried over to the new phone and is added to your monthly bill until paid off.
OR you could pay the remaining balance at time of upgrade. Meaning you would then own the phone outright, and could trade it in for credit.. they have some sort of promotion going right now and this is what he was trying to get me to do. Pay the remaining balance, order the new iPhone, and pay taxes on it, as well as an activation fee.. $300 all in all, for a phone that wouldn't even get here until late October he says. :x
To me, his first scenario made no sense.. When I first started this, I was explained that this "installment plan" program would be like leasing a car:
-you make monthly payments on the phone, but you don't own it
-you pay 50%-75% off and are then eligible for an "early upgrade"
-you trade the old phone in and get a new phone
-the remaining balance is removed because you are giving them the phone back
-start a new lease on the new phone and repeat
But dude explaining it to me kept telling me that the remaining 25% of that balance on your old phone would carry over into your payments if you didn't pay it off when you "upgraded".
Which makes NO sense to me.. considering if I'm paying the entire retail on the phone, I want that damn phone since I paid it off. If what he says is true, then these installment plans don't benefit anyone at all except the carrier.. because we'd be paying full retail price (eventually) for a phone that we don't ever own. :x