Unfortunately I didn't read the other forum posts or other negative press surrounding the trade-in program until after I fell victim. My story is identical to countless others:
Sent in an iPhone 4s in perfect condition, verified the condition and had the phone reset to factory settings by a Verizon rep at the Verizon store. I got the $200 appraisal value printed out, then sent in my phone once I received the prepaid envelope. Received an email later in the week stating the value was "adjusted" to $36 because the Find My iPhone app wasn't disabled. I'm a twenty-something year old tech enthusiast that knows how to use my phone, so I know for a fact it was disabled - I verified it had been disabled via iCloud just to double check. The trade-in program customer service is useless, they'll just give you the runaround stating you agreed to the terms of the program and the $36 is all you're going to get.
The program is utterly ridiculous. Be sure to complain to the proper outlets if you get screwed like I have: