Can You Trade In a Phone That Isn't Paid Off Verizon? Complete Policy Guide
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Learn about our editorial process
Learn about our editorial process
60-Second Summary
Verizon phones can indeed be traded in before being paid off. However, you are obligated to continue making the monthly payments. You have three trade-in options with varying cost implications and requirements, which we will detail below.
Your Three Trade-In Options
1. Verizon’s Early Upgrade Program
- Payment Status: The device needs to be at least 50% paid off. Click here to check your current status
- Upgrade: Initiate the upgrade after verifying eligibility through Verizon’s official processes
- Value: The original payment plan is terminated and a new one starts
- Recommended: If you’re staying with Verizon
2. Pay off the Device First
- Check Remaining Balance: Click here to view the payoff amount
- Advantage: You own the device outright, and can trade anywhere for the best value
- Tip: Check BankMyCell price comparison tools to identify buyback services that will pay you the highest price for the device
- Recommended: If you want to receive maximum trade-in value
3. Sell or Trade In with Third-Party Buyback Services
- Caveat: You still owe Verizon a monthly payment for the device
- IMEI Status: The device must have a clean IMEI status
- Payment Obligation: If you stop making payments to Verizon, your credit score will be negatively impacted
- Recommended: If you need cash immediately
Steps to Take Before Trading In a Verizon Phone
Verify that you have reached the 50% paid-off mark through your My Verizon app or by calling 611Assess the condition of your device. Repair any minor issues if cost-effectiveCompare trade-in offers from different sourcesFactor in the timing of your trade-in. Trade-in before a new iPhone is released for the best value
Bottom Line: The best strategy to take: Pay off at least 50% of your phone to be eligible for Verizon’s early upgrade. You can always pay off the device completely for more flexibility. Never trade a device to a third party without full knowledge that you will still be required to make monthly payments to Verizon.
Looking to get top dollar for your iPhone on a financing plan? BankMyCell buys iPhone and other smartphones, with financing agreements intact, with clean IMEI status. We can provide price comparisons for all buyback stores to ensure you get the best offers, with free shipping. Trade in with full awareness of your payment obligations—you can earn as much as 43% more this way than with carrier trade-in programs.
Disclaimer: You can sell financed iPhones, but you are still responsible for the finance payments. The sale does not end your responsibility to continue your contract payments. Always check your carrier’s terms if you are not clear,
| TODAY'S BEST iPHONE BUYBACK OFFERS | |||
|---|---|---|---|
| Device | Financed | ||
| iPhone 16e | $510.00 | Compare | |
| iPhone 16 Pro Max | $1150.00 | Compare | |
| iPhone 16 Pro | $1045.00 | Compare | |
| iPhone 14 Pro Max | $790.00 | Compare | |
| iPhone 14 Pro | $720.00 | Compare | |
| iPhone 14 Plus | $325.00 | Compare | |
| iPhone 14 | $320.00 | Compare | |
| iPhone 13 Pro Max | $650.00 | Compare | |
| iPhone 13 Pro | $560.00 | Compare | |
| iPhone 13 Mini | $370.00 | Compare | |
| iPhone 13 | $400.00 | Compare | |
| iPhone 12 Pro Max | $370.00 | Compare | |
| iPhone 12 Pro | $290.00 | Compare | |
| iPhone 12 Mini | $180.00 | Compare | |
| iPhone 12 | $200.00 | Compare | |
| iPhone 11 Pro Max | $245.00 | Compare | |
| iPhone 11 Pro | $245.00 | Compare | |
| iPhone 11 | $165.00 | Compare | |
| * Best market prices updated August 22nd 2025 | |||
Data Source: BankMyCell compares over 100,000+ quotes and customer reviews from 20+ trusted buyback stores every 15 minutes via our data feeds, making us America’s #1 time-saving trade-in supermarket.
You’re wondering about the possibility of trading in a Verizon phone that you have not fully paid off since you are still making payments on it?
Customers experience confusion when attempting to trade in devices that aren’t fully paid off due to Verizon’s specific trade-in policies. Customers feel trapped with unwanted phones because they continue to pay monthly installments on their financed phones.
Here’s the problem:
Your Verizon Device Payment Plan iPhone remains partially owned by the carrier until you’ve completed all payments on the device. The Device Payment Plan makes it difficult to upgrade early or receive trade-in credit because the iPhone remains Verizon’s property until final payments are completed.
And that’s not all…
If you trade in your financed phone without knowing the potential outcomes, you might receive unexpected charges, and your credit score could suffer when you upgrade to a new phone.
Understanding Verizon's Device Payment Plan for Trade-In
To explore trade-in options effectively you need to learn how Verizon’s trade-in financing system operates. The Device Payment Plan from Verizon creates a financing agreement for iPhone buyers that extends over 24 to 30 months.
Ownership of the iPhone under this program remains conditional until you complete all payments on your financed device. Through this arrangement you obtain the device by borrowing funds which you repay through monthly payments in combination with your service plan.
This means:
- Your financing agreement requires full payment of the device cost before you can own the iPhone outright.
- Your financial obligation remains intact even after trading in the device because the remaining balance is not erased.
- Verizon maintains certain rights regarding your device until you complete all payments before you can trade it in.
Think about it:
Can you trade in a vehicle under loan repayment without first resolving the remaining balance through a bank? The same rule exists for your financed iPhone when you participate in a trade-in program.
The possibility exists to trade in an active payment Verizon iPhone, but with specific limitations on trade-in credit.
Verizon allows you to trade in phones that you haven’t fully paid off yet but you must be aware of restrictions that will affect the trade-in value.
Option 1: Verizon's Early Upgrade Trade-In Program
Verizon provides an early upgrade program for customers who wish to exchange their partially paid-off devices for new ones.
Here’s how the trade-in works:
- Your current device should have a payment balance that reflects at least 50% payoff.
- The device should operate properly and not have any screen cracks to qualify for trade-in.
- As part of Verizon’s trade-in program, you must trade your financed device.
- Following the trade-in process, you’ll choose a new phone to start a payment plan.
This method works well because it follows Verizon’s official trade-in program guidelines and offers clear guidance. Choosing this option allows you to operate within Verizon’s framework which reduces possible trade-in issues.
Option 2: Complete your remaining payment before initiating the trade-in process.
You can settle your remaining balance completely before exchanging your iPhone for trade-in credit.
Steps to follow for the trade-in:
- You need to access your current payoff amount by checking My Verizon or contacting customer service.
- Complete your balance obligation by submitting one lump sum payment.
- After you clear the remaining balance on your iPhone you gain full ownership which allows you to trade it in anywhere for its market value.
- Complete your trade-in process either through Verizon or other buyback services and retailers such as Best Buy.
You’ll need to invest more upfront money but this method lets you sell your iPhone anywhere to maximize its trade-in value beyond just Verizon.
Disclaimer: You can sell financed iPhones, but you are still responsible for the finance payments. The sale does not end your responsibility to continue your contract payments. Always check your carrier’s terms if you are not clear.
Option 3: Third-Party Buyback Services for Trade-In
Financed Verizon iPhones can be traded in through certain third-party buyback services as long as their IMEI status remains clean with no reports of being lost or stolen.
Important to note about the trade-in:
- Even after selling your phone to a third-party company you will still need to pay Verizon until your contract ends.
- Your account will stay in good standing only when you make your monthly payments on time.
- Failing to make payments after trading in your device will incur the same penalties as if you retained ownership of it.
Are you interested in understanding all potential trade-in choices for your Verizon iPhone that is on finance? BankMyCell: The page at BankMyCell enables users to evaluate trade-in proposals from buyback shops that take financed iPhones with clean IMEI status to secure the highest device value.
Checking Your Payment Status and Eligibility
Review your existing Verizon financial status and determine if your device qualifies for trade-in.
You must understand both your current device payment status and trade-in eligibility before exploring any trade-in options.
Verify your outstanding balance prior to trading in your device.
Through the My Verizon app or website:
- Log in to your My Verizon account
- Go to “Devices” or “My Device”
- Choose your iPhone from the displayed list of devices
- Search for the “Device Payment Agreement” or “View Agreement” option to view your remaining balance.
- Users can see their current balance along with the payoff amount before they proceed with a trade-in.
By contacting Verizon customer service:
- Dial 611 from your Verizon device
- Or call 1-800-922-0204
- Request your device’s payoff amount for trade-in from the customer service representative
Determining Early Upgrade Eligibility for Trade-In
You can determine your eligibility for Verizon’s early upgrade option by following these steps.
- Log in to My Verizon
- Navigate to the “Upgrade Device” section
- The presence of the “Upgrade Device” option in My Verizon indicates that your iPhone qualifies for trade-in.
- The system will usually display the additional payment required to meet eligibility requirements if you’re not yet eligible.
But here’s the truth:
Verizon’s system can indicate when you’re eligible for an upgrade yet you must decide whether to trade in your device to Verizon or keep paying off the remaining balance. The balance still exists after you complete a trade-in.
What Happens When You Trade In a Financed Phone
Trading a financed Verizon iPhone can lead to different outcomes depending on the method you select with Verizon.
The results of trading in a financed iPhone depend on the route you select through your carrier.
Trading In Through Verizon's Early Upgrade
Verizon’s official early upgrade path allows customers to trade in their device when they have paid at least 50% of its cost.
- Your current device payment agreement ends
- A new payment agreement for your new iPhone will begin after trade-in.
- The old device payment obligation terminates after your trade-in process.
- The original agreement requires that you return your current iPhone in a functioning condition.
Paying Off the Balance Before Trading In
When you finish paying off your iPhone before trading it in:
- Your device payment agreement ends
- The iPhone is fully yours
- Verizon restrictions do not apply when you trade in your device at any location of your choosing.
- Third-party services like T-Mobile or Apple could offer you a superior trade-in value for your device.
Trading In Elsewhere While Still Owing Money
Trading your financed iPhone to a third party before settling the balance with Verizon leaves you responsible for its remaining payments.
- Verizon holds you accountable for remaining payments after you trade in your device.
- Failing to make payments will trigger collections actions and cause damage to your credit score.
- Verizon trade-in promotions that mandate device exchanges will exclude you from participation.
Maximizing Your Verizon Trade-In Value for Financed iPhones
Even with a financed iPhone, there are strategies to maximize your trade-in value when trading in a phone that isn’t paid off Verizon.
Timing Your Trade-In Strategically for Best Value
Best times to trade in your financed Verizon iPhone:
- Right after paying off exactly 50% (for Verizon’s early upgrade)
- Before a new iPhone model launches (values drop significantly after new releases)
- During special Verizon trade-in promotions (often around holidays or new device launches)
- When your iPhone is still in the same condition (before it sustains damage)
Improving Your Device's Condition for Higher Trade-In Value
The physical condition of your iPhone significantly impacts its trade-in value with the carrier:
- Fix minor issues if the repair cost is less than the value increase
- Clean your iPhone thoroughly before assessment, removing accessories
- Include original accessories if possible for better promotional value
- Ensure all features are working properly for complete trade-in value
- Remove any cases or screen protectors for assessment during trade-in
Comparing Trade-In Offers from Carriers and Retailers
Don’t settle for the first offer you receive when looking for trade-in credit:
- Check Verizon’s current trade-in value
- Compare with third-party buyback services and other retailers
- Look for special trade-in promotions or bill credits
- Consider the convenience factor versus maximum trade-in value
- Check options at Best Buy and other retailers
Maximize your Verizon iPhone’s value with BankMyCell. Compare prices from trusted buyback stores and potentially get up to 43% more than standard carrier trade-in programs.
Disclaimer: You can sell financed iPhones, but you are still responsible for the finance payments. The sale does not end your responsibility to continue your contract payments. Always check your carrier’s terms if you are not clear.
Wrapping It Up
Trading in a phone that isn’t paid off Verizon involves navigating specific policies and understanding the financial implications. Your best options are using Verizon’s early upgrade program (after paying 50%), paying off the device completely before trading in, or continuing payments even after trading in to a third party.
By following the strategies outlined in this guide, you can:
- Make an informed decision about trading in your financed iPhone
- Avoid unexpected financial consequences after trade-in
- Potentially maximize your trade-in value for your next device
- Maintain your account in good standing with the carrier
Remember, the most important thing is to fully understand your obligations before proceeding with any trade-in option. Taking the time to check your payment status and exploring all available paths will help you make the best decision for your specific situation before trading in your old phone.
Helpful FAQ's
Can I Trade In My iPhone to Verizon If I Still Owe Money?
Yes, but with conditions. Verizon allows you to trade in your iPhone once you’ve paid off at least 50% of its cost through their early upgrade program. Otherwise, you’ll need to continue making payments on your current iPhone even after trading it in elsewhere.
Will I Still Need to Pay Verizon After Trading In My iPhone?
It depends on how you trade it in:
- If you use Verizon’s early upgrade program after paying 50% of your device, you won’t have additional payments for the old device
- If you trade in to a third party, you’ll still need to pay Verizon for all remaining installments in your payment plan
- If you pay off the iPhone completely before trading in, there are no further obligations
What Happens If I Stop Paying Verizon After Trading In My Phone?
If you stop making payments after trading in your financed iPhone:
- Your Verizon account will become delinquent
- The unpaid amount may be sent to collections
- Your credit score could be negatively impacted
- Verizon may blacklist the device’s IMEI, making it unusable on cellular networks
- You may have difficulty obtaining financing for future devices or installment plans
Can I Trade In My Verizon iPhone to Another Carrier like T-Mobile?
Yes, but with important caveats:
- Your Verizon iPhone must be unlocked (Verizon typically unlocks devices 60 days after purchase)
- You’ll still be responsible for any remaining payments to Verizon even after the trade
- The new carrier’s trade-in value might not be enough to cover your remaining Verizon balance
- Some carriers offer switch bonuses that may help offset your remaining balance when you trade
Alternatives to Trading In Your Financed Verizon iPhone
If trading in doesn’t seem like the best option after reviewing the policies, consider these alternatives to a device trade:
