It does not state it here in the terms and conditions, but says it on the page to purchase the phone. I guess Verizon needs to update its terms to reflect the Note 7. Sounds like a good program for those who like to update yearly.
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Annual Upgrade Program Terms and Conditions
You may be able to upgrade your eligible device for a new qualifying device after 30 days provided that you have paid at least 50% of the retail price of your device under the device payment agreement and you return your eligible device to us in good working condition with no significant damage as determined by us.
Purchase of a new qualifying device under a new device payment agreement is required. New device purchase is subject to then-available offers and any associated wireless service requirements.
Your account must be in good standing and you must satisfy our eligibility requirements for a new device payment agreement.
Upon entering a device payment agreement for a new qualifying device, and after returning your eligible device to us within 14 days, we agree, for your benefit and for the express benefit of any assignee of your original device payment agreement, to acquire your eligible device for the remaining balance of your original device payment agreement and pay off and settle that remaining balance. After we do that, your only remaining obligations will be under the new device payment agreement and for associated wireless service.
If you do not return your eligible device when upgrading, or if it is not returned to us in good working condition, in each case the remaining balance under your original device payment agreement will be due on your next bill.
The Annual Upgrade Program and these terms and conditions may be modified or terminated by us at any time. Your upgrade eligibility will be determined in the sole discretion of Verizon. If the Annual Upgrade Program is terminated or these terms and conditions are not satisfied, you will remain responsible for the remaining balance due under your original device payment agreement.
Devices eligible to participate in Annual Upgrade Program: iPhone® 6s, iPhone® 6s Plus, Samsung Galaxy S7, Samsung Galaxy S7 edge. Upgrade fee applies.
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Annual Upgrade Program Terms and Conditions
You may be able to upgrade your eligible device for a new qualifying device after 30 days provided that you have paid at least 50% of the retail price of your device under the device payment agreement and you return your eligible device to us in good working condition with no significant damage as determined by us.
Purchase of a new qualifying device under a new device payment agreement is required. New device purchase is subject to then-available offers and any associated wireless service requirements.
Your account must be in good standing and you must satisfy our eligibility requirements for a new device payment agreement.
Upon entering a device payment agreement for a new qualifying device, and after returning your eligible device to us within 14 days, we agree, for your benefit and for the express benefit of any assignee of your original device payment agreement, to acquire your eligible device for the remaining balance of your original device payment agreement and pay off and settle that remaining balance. After we do that, your only remaining obligations will be under the new device payment agreement and for associated wireless service.
If you do not return your eligible device when upgrading, or if it is not returned to us in good working condition, in each case the remaining balance under your original device payment agreement will be due on your next bill.
The Annual Upgrade Program and these terms and conditions may be modified or terminated by us at any time. Your upgrade eligibility will be determined in the sole discretion of Verizon. If the Annual Upgrade Program is terminated or these terms and conditions are not satisfied, you will remain responsible for the remaining balance due under your original device payment agreement.
Devices eligible to participate in Annual Upgrade Program: iPhone® 6s, iPhone® 6s Plus, Samsung Galaxy S7, Samsung Galaxy S7 edge. Upgrade fee applies.
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