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Device Payment/Edge program

antjones21

Why is this such a ripoff? I can go over to AT&T and get on their Next 12 plan and after 12 months of paying $30 (estimate) I can turn in that phone and get a new one. On Verizon after 12 months I still have to give them more $ enough to equal 75% of the phones original price. Here's an example of the phone I have.

Verizon - Device Payment/Edge

Galaxy Note 4 - $699.00 (upgrade requires 75% of this amount - $524)

Monthly payment - $29.10

Payments After 12 months - $348

Additional amount needed to upgrade after 12 months - $176 and give them the phone back and get a new one.

Total money spent - $524.

Makes more sense to buyout the contract for $699 and then sell the phone for $200+, than to pay $524 and still give them the phone back.

AT&T Next 12

Galaxy Note 4 - $699

Monthly payment - $34.95

Payments after 12 months - $419

Additional amount needed to upgrade after 12 months - $0.00 and give them phone back and get a new one)

Total money spent - $419

Verizon please fix the Device payment program to make it more feasible for people who want to upgrade each year. This is not much different than a two year plan except you don't put money down upfront, but this is worse cause you have to give the phone back. At least with a two year plan the phone was yours.

Otherwise as soon as the Note 5 or HTC Aero are released I'm going over to AT&T.

Comments

MaddieBre

The real question is why do people think that it is a ripoff to actually pay for a phone? When did people become so spoiled that they think that everything should be free or extremely low cost. Phones cost alot, Verizon or any other carrier does not get them for free, why should they give them to you for free? I have been buying my phones full-retail cost for years, and low and behold. I have never had a reason to complain about anything. Buy the phone that you want, when you want it. Forget everything else.

Weth

You are not comparing apples to apples on costs.

With the AT&T next 12 plan, the phone cost is divided into 20 installments, not 24. You can upgrade after 12 installments. . If you do the math, you will end up paying 60% of the phone. This is still less than 75% for Verizon, but only 15% difference. You can still upgrade each year. And you are right, it does make more sense to buy out the phone and sell it yourself. What's the problem with that?

Momma23dogs

I can't approve of trading in a phone with either carrier. No matter how much you pay in, you get more back by selling the phone yourself and putting the money toward the new phone.

FYI, Verizon customers who sign up for new Edge installment plans have to pay off the previous agreement and keep their phone. No more trade ins.

Khines5705

And it's called DEVICE PAYMENT PLAN, no longer called Edge. Verizon is trying to tweak stuff and get rid of old plans/policies it seems. Bet a year from now people will still call it Edge. Most people are so resistant to change whether it's bad or good.

rcschnoor

I would suggest you go on over to AT&T. Verizon first had Edge with only a 50% payoff amount before upgrading, then 60% and 75% before NOW requiring you to pay off the entire amount before upgrading and keeping your original phone. It is unlikely Verizon will go back to only requiring a portion to be paid off and trading in the phone in order to upgrade. There were just too many instances of people returning their phone and having to STILL pay off the device because they returned a damaged device, causing lots of anger for the customers.

Ann154

Okay so there was a 12 month Device Payment Plan which had a $2 monthly finance fee. Then Verizon Wireless started offering the Edge payment option with no finance fee and payments over 24 months. Now the Edge payment option is called Device Payment Plan? Talk about confusing.

Khines5705

It sure is confusing! After countless hours of research, asking everyone else here, and generally educating myself about the whole thing they decide to change the name of it and the terms and conditions to require 100% payoff before upgrading. I think the change to 100% payoff will prevent anybody from having the scenario of being charged for returning a supposedly defective device though. So that's a good thing.

HeidiDent

Since it was Verizon's fault that my account was erroneously billed for the remainder of the phone price as an Edge buyout, I am more than disgusted that they have not been able to fix the problem for over 4 months, yet still call frequently about my past due bill

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