Verizon may not be jumping into leasing anytime soon, but a new program unveiled by the carrier on Monday will now offer yearly upgrade capabilities to those who purchase a Samsung Galaxy S7 or S7 edge on an equipment installment plan.
Dubbed the Annual Upgrade Program, the new system will allow customers to turn in their Galaxy device and upgrade to any new smartphone every year.
Unlike similar programs from the competition – like Sprint’s recently announced Galaxy Forever program – that require consumers to wait 12 months before upgrading their device, Verizon’s new plan allows for upgrades as soon as 30 days after purchase as long as more than half of the device cost has been paid off. Devices traded in for an upgrade must be in good working condition with no damage, Verizon said.
Verizon said those who don’t want to upgrade won’t be forced to and can continue paying off their device over 24 months. After the payments are complete, users will then own the device, Verizon said.
According to Verizon, customers who pre-ordered a Samsung Galaxy S7 or S7 edge on a device payment plan have automatically been enrolled in the upgrade program.
But the plan isn’t limited to the new Galaxy devices. Verizon also offers an Annual Upgrade Program for iPhone 6s and 6s Plus owners. That plan was launched in September to coincide with the launch of the new iPhones.
While consumers can upgrade to any device they want on either plan, only those who upgrade to an iPhone 6s, 6s Plus or Samsung Galaxy S7 or S7 edge will be able to remain in the program, Verizon said.