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Verizon Financing Limit
Tyler_S12
Member

Hello,

I am new here but thought this may be a good place to get an idea on my situation. I recently switched from ATT to Verizon due to my location and lack of service, I have a pretty large family with upwards of 5+ lines. We never had an issue with ATT and their financing of phones and such. I am currently on the yearly upgrade (12 months in you can upgrade or wait another 12 months to own the device.) However, I was looking to upgrade my current line which has a few payments before it hits 50%. I was going to pay the $$ upfront to get that line to the 50% mark and then upgrade. However, I soon find out that I almost maxed out my finance limit on my account. Which is ridiculous in itself as I only have three devices financed. Verizon won't allow me to pay the 50% and upgrade due to that finance on the current phone still being on my account which totally contradicts the whole "yearly" upgrade thing and thus is false advertising. The whole finance limit thing was a surprise to me as ATT never ever made me do this. Has anyone else ever had this issue and how to go about it? I wouldn't want to switch BACK to ATT but I may have to, if I am willing to make that payment why is this an issue? It's ridiculous. 

Re: Verizon Financing Limit
vzw_customer_support
Customer Support

Tyler_S12, We hope you remain in the Verizon family as well. The spending limits are reveiwed every six months. However, we can't guareentee that the spending limits will increase each review period.

TrinetteW_VZW

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Re: Verizon Financing Limit
AAR1966
Member

I upgraded FOUR iPhones a couple years ago to 8's. I paid the taxes (which is a friggin' joke to pay the total device tax on a financed device, this seems to be a ripoff) and now I'm on some $500 finance limit. So I financed 4k worth of phones a few years ago and now I need to pay some arbitrary "over limit" fee of 600 bucks to get four new, PAID FOR phones? fudge you Verizon. 

Re: Verizon Financing Limit
Tigerstep
Sr. Member

Your anger is better spent at yourself. Financing limits going down are a result of either a poor payment history or poor credit. You can't expect to finance phones worth near or over a grand a piece with that going against you.

Also taxes are very real. You don't get to evade taxes just because you're not buying it all up front. Blame the US gov for that one, all carriers have to adhere by that.

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Re: Verizon Financing Limit
vzw_customer_support
Customer Support

We want to ensure you get the assistance you need. Have you contacted Financial Services?

CheyenneS_VZW

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Re: Verizon Financing Limit
asmith1209
Member

It's super irritating that as long as I have been with Verizon that they are saying that I have a credit limit. As I have paid off many phones, switched upgraded etc. I am still paying off the phone. Not allowing someone to get a new phone that they are paying for with their own money is somewhat absurd. For Verizon to be who they are this seems backward as they are supposed to aim to please their customers. It's like you are restricting people to a phone and making them pay more in the long run. These companies keep coming out with new tech as it is so the financing option was great in giving us the option to get new phones without breaking the bank. What's worse is the times we are in and you are going to as a company make it harder for your customer? If they are paying for the phone why restrict them? Yes i'm sure there is more to it probably on their end that they are trying to justify but at the end of the day you are going away from pleasing the customers that are so loyal to you.  I just find this new financing limit to be..backwards and not customer friendly. It terrible as I was really interested in getting a new phone soon as I usually do every year and now with this limit I'm restricted from doing it. As soon as I came to Verizon and got adjusted to them i said I would never leave but with them doing stuff like this it makes me wonder what other carriers are offering or doing to keep their customers. Seems like a backwards move to me.

Re: Verizon Financing Limit
vzw_customer_support
Customer Support

We certainly don't intend this to make you feel any less valued as a customer. We are sending you a Private Note. 

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Re: Verizon Financing Limit
vzw_customer_support
Customer Support

We would like access to your account to review your qualifications. Please reply with your full name and authenticate below:

 

http://spr.ly/6006GUeQK  TerranceT_VZW

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Re: Verizon Financing Limit
gchaves3104
Member

I signed up for Verizon about 3 months ago and financed 5 phones totaling to about $4,500 in total financing. Credit score is 750+.

Fast forward to this last month, I needed to add a 6th line for my grandfather but was told that I had hit the financing limit. Sure no problem, I pay off my line for about $700 and proceed to finance his phone without any issues (this is how it works with At&t and makes complete sense).

Shortly afterward, I pay off his phone in full plus an additional phone for about $1,000. This means that when I opened the account, I was approved 5 phones with a $4,500 limit. I have paid off a total of $2,400 of that which stands to reason that I would have that same amount in available credit.

Unfortunately, that would make too much sense for Verizon. The iPhone SE is currently on promotion for $0.00 when adding a new unlimited line of service. After attempting and failing to complete the transaction through 4 different computers and 2 different browsers per device due to error codes from this atrocious site, I was forced to chat with customer service to complete the transaction.

I'm then told that I had "hit my financing limit" despite paying off over $2,000 in cell phones. I was told that I need to payoff "all lines that are financed" for the limit to be reset. (Support when you end up seeing this and saying this is impossible, check line 6496 attempting to be added, the "financing limit being hit", me paying off line 2088 literally 20 minutes later, then the next morning walking into a Verizon store and adding the 6494 magically financed.)

#1 This makes no sense from when I added the 6th line. If what your representative said is true, then what I did should have been impossible. I was told I hit the limit, paid off ONE cell phone and proceeded to finance the new line without any issue. How is this any different (rhetorical, it's not)?

#2 From a logical standpoint, I need to payoff a total of almost $5,000 in phones to finance a measly $400 that is supposedly on a free promotion? I would have just horrid up the cruddy customer service at At&t if I had known that this ridiculously backwards policy was in place.

Re: Verizon Financing Limit
Ajaisha995
Member

I am having the EXACT same problem with my account. I have my 12 month upgrade available but can’t upgrade due to this finance limit. I have never been late on payments and as a matter of fact I’m on auto pay and consistently pay the bill before the due date. It’s incredibly frustrating especially since I switched to Verizon from T-Mobile where my financing was per line, not per account.