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How to Increase Financing Limit!? Downpayment for Fold2...
jakebake87
Member

I tried to preorder the Fold2 but I am having to pay a $500 downpayment. I've never had this issue and contacted Verizon Chat and of course they had no idea why. I later found out Verizon has financing limits on accounts... The account owner on ours basically has perfect credit and we've had the account for YEARS and have paid off many, many high priced phones. I myself, basically upgrade every year to the latest device (mostly samsung which aren't cheap)

I think it is absolutely ridiculous to have this in place on an account like this. I can afford to buy this phone outright, but because there is no interest on the payments it makes no sense financially to do so and I refuse to do so. And I refuse to pay a down payment for the same reason. Verizon has been getting worse and worse over the years and this just really makes me want to finally switch. 

Is there a way to increase the limit and is there a limit that no one can surpass? 

Re: How to Increase Financing Limit!? Downpayment for Fold2...
Ann154
Expert
Expert

Do many of the other lines on the account also have a device payment agreement currently? 

I'm most definitely NOT a VZW employee. If a post answered your question, please mark it as the answer.

Re: How to Increase Financing Limit!? Downpayment for Fold2...
jakebake87
Member

There are just 2 other devices but yes they all do. 

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Re: How to Increase Financing Limit!? Downpayment for Fold2...
Ann154
Expert
Expert

If they are all high devices, the account owner's financing limit might be maxed out. 

I'm most definitely NOT a VZW employee. If a post answered your question, please mark it as the answer.

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Re: How to Increase Financing Limit!? Downpayment for Fold2...
vzw_customer_support
Customer Support

I know how important it is to be able to purchase the device you want, we'll be glad to clarify this situation.

 

In this case, if the limit for the account has been reached, it would be necessary to pay off some of the devices currently being paid so that a down payment is not required when you purchase your new device.

 

AlfredoL_VZW

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Re: How to Increase Financing Limit!? Downpayment for Fold2...
Tigerstep
Sr. Member

An S20 + an iPad would be a more productive combo, but you do you.

If you can afford to pay out outright, what's the big deal of a $500 down payment? If this is bothering you this much, go open your own Verizon account instead depending on someone else.

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Re: How to Increase Financing Limit!? Downpayment for Fold2...
jakebake87
Member

I mean I am not depending on someone else... I have not gotten my own account because it would be more expensive for everyone if I did that. And it is the principal of it and the reason why I don't want to pay a $500 down payment is because since there is no interest it makes no sense financially speaking. I don't think anyone should buy a phone outright that has a zero interest account. I can make way more than 0% (lol) with my investments and so that $500 would go towards much better u se. All the downpayment is doing is lowering the device payment and again, because there is no interest I much rather pay the higher device payment. And of the same reason I would never buy the phone outright. 

Re: How to Increase Financing Limit!? Downpayment for Fold2...
jakebake87
Member

I was going to pay off my current device in order to upgrade but even when taking that into account it is still showing the down payment. Is the system taking this into account or would it be better to pay the device off first?

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Re: How to Increase Financing Limit!? Downpayment for Fold2...
jakebake87
Member

How do I quote someone lol... but anyways I did preorder the tab s7+ so I do agree probably don't need the fold2 but just thought it would be cool. MIght just go with a note 20 ultra at this point though

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Re: How to Increase Financing Limit!? Downpayment for Fold2...
Ann154
Expert
Expert

You need to pay off the existing device payment agreement on your line before you are allowed to start another device payment agreement. 

I'm most definitely NOT a VZW employee. If a post answered your question, please mark it as the answer.