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How does the iPhone trade in promotion work?
gmbrown21
Member

The terms of the promotion state that the credit given for the trade in will not start until 2-3 billing cycles later. But it also says that the credits stop after you pay the device off. It seems to me that if you don't get the credit until 2-3 bills later and the credits stop when the device is paid off, you're really only getting 21-22 billing credits, instead of 24, meaning you wouldn't get the full $650 credit. Is this true? Or does the first credit include those 2-3 billing cycles' worth of credits?

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Re: iPhone 7 Trade-In Promotion
cm71td
Member

I asked Mary in Verizon customer service this same question.  Here is my understanding of her answer:

  • For the first two bills, you will pay the full payment for the new phone.
  • On the third bill:
    • Your phone payment will be reduced to account for the trade in.
    • You will also receive a credit for the amount you overpaid on the first two bills.

Hope this helps.

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Re: iPhone 7 Trade-In Promotion
mel1220
Member

You're correct, you wouldn't get the full $650 if u trade your phone in early.  I confirmed this with Verizon. 

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Re: iPhone 7 Trade-In Promotion
gmbrown21
Member

That's actually not what I'm asking. By the terms of the promotion, it seems as though you'd never get the full $650, because you'd get no credits for the first 2-3 payments. Then the credits kick in after you've made 2 or 3 payments. Then you'd make another 21-22 payments with the credits and your phone would be paid for, but you'd be out the other 2-3 months worth of credits. Unless they (a) make the first credit cover the 2-3 cycles you already paid full price for or (b) still give you all 24 months of credits as long as you still have the phone and didn't upgrade.  I guess if they also don't make you start paying for the phone for the same 2-3 billing cycles, that would work, but that seems unlikely.

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Re: iPhone 7 Trade-In Promotion
pherson
Leader

That's why there is no such thing as a free lunch.

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Re: iPhone 7 Trade-In Promotion
cm71td
Member

I asked Mary in Verizon customer service this same question.  Here is my understanding of her answer:

  • For the first two bills, you will pay the full payment for the new phone.
  • On the third bill:
    • Your phone payment will be reduced to account for the trade in.
    • You will also receive a credit for the amount you overpaid on the first two bills.

Hope this helps.

Re: iPhone 7 Trade-In Promotion
gmbrown21
Member

Indeed it does help--thanks cm71td​!

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