A few months ago I traded in my old iphone 8 plus for a $400 credit to get the new I phone 12 pro in the 24 months payment agreement. Now I have the money and decided to pay it off but then realizing that i will lose the $400 trade in value and will have to pay the full device amount. How does that make any sense!! The has to be a settlement/solution on this, it's not fair. I have been a verizon customer for 4+ years
That was the terms of the promotion. Verizon Wireless has required payments over 24 months on their device payment agreements in exchange for bill credits over the 24 month term. If you pay off the balance early, then you forfeit any unissued credits.
You could put the money in a CD or savings account that earns interest and when your current device payment agreement is completed, you will have money already set aside to possibly purchase a new phone at the full retail price or put down a large deposit on next device payment agreement.
I'm most definitely NOT a VZW employee. If a post answered your question, please mark it as the answer.
I know how important it is to keep costs down when it comes to your bill! When you sign up for the promotion, the promotion is connected to your Device Payment Plan. The offer is scheduled to apply every month for 24 months, as long as the Device Payment Plan is active. Regrettably, if you do pay off the device early, the promotion ends early as well. Does that help clarify? https://www.verizon.com/support/upgrade-device-faqs/
Next time read terms before you sign an agreement. Majority of Verizon's promos are credit applied over time. The only time you really see an instant credit are at big box retailers like Walmart or Best Buy.