A leaked copy of Verizon training documents shows that the nation's largest mobile carrier will be fighting back against T-Mobile with a plan called VZ Edge. According to the documents, as long as you've paid 50% of the cost of your current handset, Verizon will let you upgrade to a newer model. The plan, according to the training documents, will launch on August 25th.
Let's say that there is a $500 phone you want. Assuming that Verizon allows you to put $100 down, you can pay off the balance of $400 over, say, 12 months. That works out to $33.33 monthly, and after five months, you've paid off half the phone and can update again. This is just an assumption of how the plan might work. We should know for sure on or before August 25th.
source: DroidLife via AndroidGuys