“Does this require renewing or entering into a new contract with Verizon? I'm looking to pay off the phone and then be able to shop around for other carriers.”
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You do not have to enter into any new service contracts with Verizon... you can purchase the phone outright in one pymt if you wish or break it down into 24 month pymts interest free. That contract will be for the phone purchase only- you can leave Verizon at anytime
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