Ok so I traded in my iphone6 in perfect condition to Verizon for an iPhone 7. That was about 14 months ago. The price of the 7 was $750. They gave me $450 on my 6, which would make the price $300 plus my iPhone 6. I just checked my account online and the payoff for the iPhone 7 if I pay it off today is $364. So, to pay it off right now it would cost me $64 more than the original agreed upon price that I have been making payments on for over a year. I talked to an online rep and learned that for the trade in offer to remain valid I have to pay it off one payment at a time. In other words, if I pay it off today, I'm paying the full $750 and they keep my iPhone 6 for nothing. So I asked why it makes any difference if I pay it off now or make the monthly payments until it's paid for. The reason? That monthly payment is their little way of keeping me locked into a contract. If I pay the phone off they have nothing to hold over me, but I'm also giving away the iPhone 6 which I also paid a considerable amount for and was in virtually perfect condition. All I can say is I will continue to make the payments so I get the credit for the trade-in. But I can guarantee I will never purchase another phone through Verizon.
Probably because receiving $450 for a 2 year old phone was a promotion. There are a lot of promotions that require you to keep the DPP active for 24 months in order to receive the full credit. Sounds like you are being billed like this:
iPhone 7- 750/24= 31.25
iPhone 6 (trade in)- 450/24= 18.75 as a credit
Receiving $450 for the trade in was a promotion. The phone wasn't worth that much normally.
Also any unpaid credits from the promotion are forfeited if the customer pays off the DPP agreement balance early.
I'm most definitely NOT a VZW employee. If a post answered your question, please mark it as the answer.
Actually the phone was only about 6 months old.
The iPhone 7 had only been released in limited quantity
for about a month or so when I traded it. But that is
negligible really. I have been with Verizon (3 lines)
for 6 years. Do they think they need to hold something
over me to get me to keep my service with them? I
Just wanted to lower my monthly bill as much as possible
while I had the money to do that because my monthly
income had been reduced indefinitely. I will survive it
I’m sure. I’ll just have to be more careful in the future and
read the fine print. Thank you for taking the time to respond.
Sent from my iPhone