Never Told that Trade In Credit is Spread Over 36 Months

I went to a Verizon store and the guy talked me into trading in my PIAD OFF phone and getting a new phone. I was told I would be getting 700 dollars credit towards the new phone and I would owe 500 which I would pay monthly along with my service. I didn't want to be under contract so I talked to employee about paying off the remaining 500 and the employee told me i should wait 2 months to do that. I agreed. Now I go and try to pay it off and I owe the full amount because I WAS NEVER TOLD THAT THE CREDIT IS SPREAD OVER 36 MONTHS! So now im locked in owing the full amount and I cant use my credit towards it. Idk who else to talk to I've been on numerous chats and phones as well as in store and told I'm out of luck. Who else can I talk too to try and get a resolution! ALSO I WAS GIVEN ADVICE ON HOW TO MAKE SWITCHING TO T MOBILE EASIER HAHA.

Accepted answers

Verizon_Support

Hello, Austin! We are dismayed that you were not given the full disclosures about the way our discounts work. Over the period of 36 months, a credit of about $19.44 will subtract from the device payment each month. If we can answer any questions about this, please feel free to send us a Direct Message so that we may better assist you!

*Lisa

All comments

Verizon_Support

*Lisa

NomadicPancakes

I had a similar issue that I'm trying to fix. Though from your comments, it sounds like I'm out of luck. A few months back I traded in a Galaxy S20 Ultra for a Galaxy Z Flip5. I got several emails saying I qualified for a fully free trade in. I decided to swing by a Verizon store and the sales guy said the same thing. Assured me it was totally free, straight swap. Tbf that's my bad for not reading every word of the "receipt" he had me sign, but the shady tactics are why I was reluctant to begin with. I went to check my bill today and saw the installment plan situation. Is there any way to resolve this? I don't pay anything for my phone, it's an even trade in credit to phone payment each bill! Why can't they just do a clean trade in? It's this type of business model that is pushing people to other services

Verizon_Support

NomadicPancakes, we understand wanting to get the best deal when purchasing your device. You do have the ability to pay off your device at any time, however, in order to receive the full value of a trade in promotion the promotion would apply monthly alongside a device payment. We hope this answers your questions regarding device promotions.

-Andi

runverferth

Why does the credit have to be spread out over 36 months? Isn’t that the same as locking us into a contract? Why can’t we get the full credit when we get the phone?

Bean33

This is a very shady practice on the part of Verizon. The dictionary definition of a trade-in: "goods given in whole or, usually, part payment of a purchase." Verizon has accepted our trade-in items up front, but the only way we can get paid for these devices is to stay locked into paying Verizon for monthly service. Verizon service is, in my opinion, declining a lot. Meanwhile, my monthly bill keeps climbing even though I was "guaranteed" a locked-in rate for the 36 payback term. Verizon isn't holding up their end of the deal, but if I switch providers, they get to keep my trade-in device, and shirk their promise to pay a fair amount for it. I'// have to pay off my new device, without the promised trade-in credit. It's a deceptive, evil business practice, and based on my recent experiences with Verizon, I'm not even surprised to see them sink so low. I have no faith that these disclosures were "accidentally" ommited from our conversations about getting new phones from Verizon. This information seems very deliberately omitted.

Luckybigb

I bought a phone under the same special agreement after getting a total month long run around with the actual purchase. Now I am getting credit on my bill for the next 36 months and, yes my bill has gone up $45 a month in two months. (Three lines). I think it’s all a huge profit making trick . Nothing benefits the consumers . I’m sure they have already refurbished my old phone for extra profit. this alleged new phone has issues. I’ve been with Verizon for 22 years but this is the last time I’m getting a phone from them and will drop Verizon.

Verizon_Support

We're sorry to read about the issue with your device. What is going on with it? Have you made any changes to your account? ~Peter

BlueBlood307

Not only this, but if you do walk away, they keep the phone you traded in. This really seems criminal.

BlueBlood307

So if we leave Verizon, do we get the old phones back? If not, this sounds a lot like theft.

Dariel

Why does Verizon keep replying saying the same stuff we’re saying like we’re not dumb been dealing with this for a year as soon as I get it low enough I’m switching to a new carrier cause Verizon keeps raising fees

Verizon_Support

Hi Dariel, I'm sorry you have had such a poor experience. This is not what Verizon wants for our customers at all. I'm sending you a private note in hopes you would allow us to resolve any issues you have regarding your account.

-Jaquetta

Elimrtnz

If I were to cancel my subscription with verizon would my phone get shut down because I am not staying for 36 months just to pay more over time than what I can be paying somewhere else.

Verizon_Support

The last thing I would want to see is for you to leave us, Elimrtnz. I am here to help. To answer your question, if you were to cancel your service, the device agreement would be accelerated and the remaining balance would be due in full on the final bill.

I would also be happy to evaluate your service to see if there are any options we have to help earn your continued business. Please be on the lookout for a private message from me to do that.

-Joseph

SalmaAmjad

Same situation here. Just figured out how I am forcibly locked into staying on a payment plan or I will lose the remaining trade-in value for the phone they “already took”. I only logged into MyVerizon bc I wanted to pay off my phone in full and then I saw the bar showing the number of remaining payments and credits. I think it’s time to switch. In the old days, Verizon service was rock solid and leaps and bounds ahead of others. The service has declined dramatically and is patchy at best. I think the gap doesn’t justify the sky high premiums anymore. Time to explore my options.

Verizon_Support

We'd never want to see you go and always want to ensure you're getting the best possible service, SalmaAmjad. Please tell us more about what's going on with your service. When did these issues begin? Where are you located when experiencing issues?

-Danielle

Sarzeebs

I’m having this same issue. I paid off the remainder of my balance so I could upgrade to the S25 Ultra. I’ve been able to do this previously without any problems. It wasn’t until I checked my balance in the app today that I discovered that even though I’ve been paying off my balance for 2+ years, I suddenly owe the full amount of my current phone. I didn’t get any notice or warning when I was paying this off that this would happen. Now my new phone is being delivered today, and I don’t know what to do with it. Can I return it and get my account reinstated, or am I stuck with this charge no matter what? I’ve been with Verizon for 20+ years, and it’s getting more frustrating all the time.

Verizon_Support

I certainly understand the concern with a charge for the old phone appearing on your bill , Sarzeebs. You mentioned paying off your old device, which means that there should be an offsetting payment on the next bill as well. Have you had a chance to review the charges of the fully generated bill, or is this just the next bill summary?

To answer your question, once a device agreement is in a paid status, it cannot be reinstated. However, you shouldn't have to pay the remaining balance if you've already made a payment for it to upgrade your phone.

-Joseph

1Pawkins26

Same issue here! When a company says we’ll “give you” this much money for your trade in, you are in fact buying that phone back. One, I could’ve sold that trade in myself for cash. Two, If I wanted to “finance” that amount over 36mo I would’ve financed it on my own!! I guess shame on me for not realizing it until too late. Never again What a shady practice. Coupled with constant monthly increases, I will also be leaving Verizon for another more honest carrier after years of being a loyal customer. What a disappointment.

Goodsam

1000/36=27.7. NOT 19.44

retownes1

If I were to trade in my current phone for the trade in credit that is applied over 36 months, will my new phone be locked in any way? If I want to add an eSIM on the new phone, is that possible?

Verizon_Support

Hello retownes1, all of our devices are locked for the first 60 days after activation when they are on a device payment agreement. Are you looking to use an eSIM from another provider?

-Luis

Verizon_Support

Hi Goodsam, sorry to hear you're not getting your promised promotional credits. We can review this further and complete a promotion correction if needed. Please be on the look out for a private note from us so we can work on resolving this right away!

-Christy