Never Told that Trade In Credit is Spread Over 36 Months
austinp19
Enthusiast - Level 1

I went to a Verizon store and the guy talked me into trading in my PIAD OFF phone and getting a new phone. I was told  I would be getting 700 dollars credit towards the new phone and I would owe 500 which I would pay monthly along with my service. I didn't want to be under contract so I talked to employee about paying off the remaining 500 and the employee told me i should wait 2 months to do that. I agreed. Now I go and try to pay it off and I owe the full amount because I WAS NEVER TOLD THAT THE CREDIT IS SPREAD OVER 36 MONTHS! So now im locked in owing the full amount and I cant use my credit towards it. Idk who else to talk to I've been on numerous chats and phones as well as in store and told I'm out of luck. Who else can I talk too to try and get a resolution! ALSO I WAS GIVEN ADVICE ON HOW TO MAKE SWITCHING TO T MOBILE EASIER HAHA.

15 Replies
vzw_customer_support
Customer Service Rep

Hello, Austin! We are dismayed that you were not given the full disclosures about the way our discounts work. Over the period of 36 months, a credit of about $19.44 will subtract from the device payment each month. If we can answer any questions about this, please feel free to send us a Direct Message so that we may better assist you! 

*Lisa

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runverferth
Enthusiast - Level 2

Why does the credit have to be spread out over 36 months? Isn’t that the same as locking us into a contract? Why can’t we get the full credit when we get the phone?

Bean33
Enthusiast - Level 1

This is a very shady practice on the part of Verizon. The dictionary definition of a trade-in: "goods given in whole or, usually, part payment of a purchase." Verizon has accepted our trade-in items up front, but the only way we can get paid for these devices is to stay locked into paying Verizon for monthly service. Verizon service is, in my opinion, declining a lot. Meanwhile, my monthly bill keeps climbing even though I was "guaranteed" a locked-in rate for the 36 payback term. Verizon isn't holding up their end of the deal, but if I switch providers, they get to keep my trade-in device, and shirk their promise to pay a fair amount for it. I'// have to pay off my new device, without the promised trade-in credit. It's a deceptive, evil business practice, and based on my recent experiences with Verizon, I'm not even surprised to see them sink so low. I have no faith that these disclosures were "accidentally" ommited from our conversations about getting new phones from Verizon. This information seems very deliberately omitted.

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Luckybigb
Enthusiast - Level 1

I bought a phone under the same special agreement after getting a total month long run around with the actual purchase. Now I am  getting credit on my bill for the next 36 months and, yes my bill has gone up $45 a month in two months. (Three lines). I think it’s all a huge profit making trick . Nothing benefits the consumers . I’m sure they have already refurbished my old phone for extra profit.  this alleged new  phone has  issues.  I’ve been with Verizon for 22 years but this is the last time I’m getting a phone from them and will drop Verizon. 

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vzw_customer_support
Customer Service Rep

We're sorry to read about the issue with your device. What is going on with it? Have you made any changes to your account? ~Peter

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NomadicPancakes
Enthusiast - Level 1

I had a similar issue that I'm trying to fix. Though from your comments, it sounds like I'm out of luck. A few months back I traded in a Galaxy S20 Ultra for a Galaxy Z Flip5. I got several emails saying I qualified for a fully free trade in. I decided to swing by a Verizon store and the sales guy said the same thing. Assured me it was totally free, straight swap. Tbf that's my bad for not reading every word of the "receipt" he had me sign, but the shady tactics are why I was reluctant to begin with. I went to check my bill today and saw the installment plan situation. Is there any way to resolve this? I don't pay anything for my phone, it's an even trade in credit to phone payment each bill! Why can't they just do a clean trade in? It's this type of business model that is pushing people to other services 🙃

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vzw_customer_support
Customer Service Rep

NomadicPancakes, we understand wanting to get the best deal when purchasing your device. You do have the ability to pay off your device at any time, however, in order to receive the full value of a trade in promotion the promotion would apply monthly alongside a device payment. We hope this answers your questions regarding device promotions. 

-Andi

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BlueBlood307
Enthusiast - Level 1

So if we leave Verizon, do we get the old phones back? If not, this sounds a lot like theft.

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Dariel
Newbie

Why does Verizon keep replying saying the same stuff we’re saying like we’re not dumb been dealing with this for a year as soon as I get it low enough I’m switching to a new carrier cause Verizon keeps raising fees 

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vzw_customer_support
Customer Service Rep

Hi Dariel, I'm sorry you have had such a poor experience. This is not what Verizon wants for our customers at all. I'm sending you a private note in hopes you would allow us to resolve any issues you have regarding your account.

-Jaquetta

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BlueBlood307
Enthusiast - Level 1

Not only this, but if you do walk away, they keep the phone you traded in. This really seems criminal.

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Elimrtnz
Newbie

If I were to cancel my subscription with verizon would my phone get shut down because I am not staying for 36 months just to pay more over time than what I can be paying somewhere else.

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vzw_customer_support
Customer Service Rep

The last thing I would want to see is for you to leave us, Elimrtnz. I am here to help. To answer your question, if you were to cancel your service, the device agreement would be accelerated and the remaining balance would be due in full on the final bill.

I would also be happy to evaluate your service to see if there are any options we have to help earn your continued business. Please be on the lookout for a private message from me to do that.

-Joseph

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SalmaAmjad
Newbie

Same situation here. Just figured out how I am forcibly locked into staying on a payment plan or I will lose the remaining trade-in value for the phone they “already took”. I only logged into MyVerizon bc I wanted to pay off my phone in full and then I saw the bar showing the number of remaining payments and credits. I think it’s time to switch. In the old days, Verizon service was rock solid and leaps and bounds ahead of others. The service has declined dramatically and is patchy at best. I think the gap doesn’t justify the sky high premiums anymore. Time to explore my options. 

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vzw_customer_support
Customer Service Rep

We'd never want to see you go and always want to ensure you're getting the best possible service, SalmaAmjad. Please tell us more about what's going on with your service. When did these issues begin? Where are you located when experiencing issues? 

-Danielle

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