The simple answer to this question is, yes, you can leave your Verizon contract at any time. There is sometimes a minimum notice period, around one month or 30 days.
The same also applies to phone finance or monthly installments.
However, be aware:
Cost of cancelling a contract - Early Termination Fees (ETF)
Verizon Customers who are on contract always have the option to terminate the agreement early. Canceling your agreement early will, however, come with expensive “Early Termination Fees” which cannot be avoided.
After researching Verizon's policy on the matter, we've discovered that canceling your contract early results in Early Termination Fees of between $175 and $350, depending on the type of agreement you have signed.
Applicable usage fees, prorated access charges, taxes, surcharges or other charges that accrued to your account through the termination date will also be charged.
What should you do before cancelling?
Its a costly thing to do so make sure you are fully aware of all of the costs that your carrier will impose - the best thing to do is speak to their Customer Services department to confirm all charges that you will face.
Once you know the cost then you can make a decision as to whether its actually worth cancelling or not.
Look for a plan that will save you money or provide better value than you already have - otherwise theres no point cancelling and having to pay the ETF fees!
What if I recently purchased the phone or contract?
If you're within 14 days of the purchase, you can return the device without experiencing the Early Termination Fees, though you will still be responsible for a number of additional fees.
The fees associated with Early Termination are substantial so it's smart to be sure about your purchase before you buy.
If you are certain you want to cancel your contract, you might consider buyout programs from competing carriers.
If I switch carrier will they pay my termination fees?
In short, yes, most of the big carriers offer incentives for switching to them. Upto $650 is advertised but there are a number of things to be aware of as its not as simple as actually paying your ETF
How do I get the maximum amount of $650 for switching?
Most offers require you to trade in your existing phone - check what your phone is worth on ebay so that youve an understanding of its value before you commit - you may get more cash for selling the phone than trading in
You will also usually have to sign up for a new phone via that carriers finance or lease program - fair to good credit needed here
Remember - the payment will not necessarily be paid all in one go - usually its split between some kind of voucher or pre loaded card and the rest will usually be applied over a series of monthly bill credits
You may be waiting for a while before you see the full amount in credit so make sure you can afford to pay your own termination fees and then wait for the credits back
Outlined are the details of the current offerings in these articles for more information: