I’ve been a loyal Verizon subscriber for nearly 15 years, and I also brought 5 families members over to Verizon during this time - all of whom have remained with Verizon. I have a family share plan with 3 of these members, one of whom recently traded in her iPhone XR for an iPhone 12 Pro. Since I manage this family share plan, I confirmed that her trade-in had been credited to her phone line and was surprised to discover that it had not. When I asked her what the local Verizon rep told her about the trade-in, she explained that her trade-in would be deducted from the monthly payments on her iPhone 12 Pro. When I looked at Verizon’s terms and conditions for trade-ins. I was aghast.
It seems that this family member is now tied to a 24 month contract, and if she wishes to receive the entire value of her trade-in, she must keep the iPhone 12 Pro on an active device payment plan for 24 MONTHS. If she decides to upgrade next year to an iPhone 13, then she will forced to forfeit the remaining approximately 12 months of her trade-in value. I will also add that the Verizon rep never informed her that she must remain on a 24 month payment plan or risk losing her trade-in. That’s some audacity, Verizon!
First you claim your data plans are contract free, but then you rope your subscribers into contacts by binding them to a payment plan. Fine. But on top of this, you force subscribers to remain on said payment plan for TWO YEARS?! What if my family member decides to pay off her phone before the 2 year period is up? What if she wanted to upgrade to a new phone but remain with Verizon? Too bad. In either case she loses the remaining value on her trade-in. This is precisely why I never have (nor ever will) trade-in my devices at Verizon.
It’s bad enough that Verizon pays embarrassing low amounts for device trade-ins and thus makes an enormous profit off of their subscribers, but to then chain them to a 2 year contract on top of that is simply unconscionable. I’ve never understood why Verizon doesn’t reward consumer LOYALTY with better treatment and discounts. Why treat longtime subscribers with such disregard? This experience only reinforces my belief that Verizon’s entire focus is on increasing its subscriber base. Once they’ve hooked subscribers, they could care less about treating them with the respect they deserve.
Well said I will put my 2 cents in to add when someone does a trade in or upgrade think some call it the rep should explain in detail how the process works and time table etc and not rely on customer to read some long often complicated terms or whatever. Rep should state if a contract is needed or will be done as a result or time taken to get the value of trade in etc etc your phone is worth xyz you trade in is xyz and will take this long to take effect and other matters that apply I can only guess that other companies may do similar to what you experienced