36 month only financing

[Desertrat099]

I went to buy a new phone on a $700 promo yesterday and found the only option to be a 36 month term. 24 and 30 month options are gone. This is irritating because Verizon is locking people into three year contracts (yes, they’re contacts) and spinning it as “you can have a lower device payment”. I liked the 24 month terms (with a promo) because it felt like I was getting something back from Verizon in the form of a subsidy which was a perk from the most expensive provider and was easily able to upgrade every two years. Now if you decide you want to upgrade after two years, you still owe them money. I understand you can pay the device off early and am just referring to promos. It’s irritating and another thing Verizon is throwing at customers that will be advertised as better for the customer when it’s just predatory and greedy. 

[Desertrat099]

After looking around some more, Verizon also killed off the ability to upgrade early once your device is 50% paid off. You now have to pay it completely off before you are able to upgrade. 

To clarify my issue with the 36 month only contract that is now standard - Verizon is essentially lowering their subsidy by 33% while locking in customers for longer. I’d be ok with it if the promos went up 33% and it was just a retention move, but it didn’t, it’s purely a bottom line move.