It’s official: Verizon is replacing its shorter 24 and 30-month contract options with a single 36-month contract, which will apply to all items that offer a Device Payment Plan (DPP).
As initially reported by droidlife, Verizon looks to be extending the duration of its DPP contract to 36 months (three years) and is removing the option for 24 and 30-month contracts. Verizon has since confirmed this news to Lifewire in an email, stating that “36-months device payment plans will be the only contract option going forward.”
When asked why Verizon decided to eliminate the 24 and 30-month contract options and offer only a 36-month plan, Lifewire was told that “Verizon’s 36-month device payment plan makes it easier than ever for customers to get their hands on the latest and greatest smartphones and tablets with 0% APR.”
As both previous contract options also offered a 0% APR (annual percentage rate), it’s still unclear how this change makes anything easier for customers, as they’ll need to pay their device off early to upgrade sooner than 36 months or carry the payment through the full 36-month contract.
According to Verizon, the updated 36-month contract won’t affect any contracts that are currently in progress, but it will apply to new contracts (i.e. if you upgrade, buy a new device, etc). Subscribers also will only have the option to pay the device off early as a single payment, not by paying an additional amount on the device each month.
Any new contract agreements made after February 3rd, 2022, will be subject to the new three-year contract timeframe.
According to Verizon, iPhone users will still be able to upgrade to a new device before the 36-month contract is up if they pay off 50-percent of their outstanding balance within the first 30 days. As before, Android customers will have to pay off their devices in full before they can upgrade.
Correction 2/7/22: Added the final paragraph to reflect Verizon’s upgrade policy as the information came in after initial publication.
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