Can I trade in a device that's still on a payment plan?

Member

I have a S7 Edge that I'm making payments on. I have a little more than a year left on it. I plan on paying it off over the 24 month agreement because I'm receiving an $18 a month credit towards the $33 monthly device payment. Now, I know that I can still give that phone to someone else to use, as long as I am making payments on that device. But I would like to trade it in to Verizon now, and will use a different phone on my line instead. But I am getting an error when I try to submit the trade-in request, and it says that my device is still on a payment plan. I am a long term customer and fully intend to pay the device off over time. Is there any way for me to trade it in to Verizon? They're offering $480 in bill credits now for my S7 Edge, and I want to take advantage of that.

Thanks!

Labels (1)
0 Likes
1 Solution

Correct Answers
Highlighted

Re: Can I trade in a device that's still on a payment plan?

Expert

The balance that has to be paid is the pre-credit remaining balance of the device payment agreement. Any bill credits not yet received are forfeited if the device balance is paid off early.

I'm most definitely NOT a VZW employee. If a post answered your question, please mark it as the answer.

View solution in original post

0 Likes
Highlighted

Re: Can I trade in a device that's still on a payment plan?

Sr. Member

I believe you have to pay the phone off first. I have see on here where people have paid the balance off their phone them were given credit towards the trade in for the Note 8

Highlighted

Re: Can I trade in a device that's still on a payment plan?

Expert

The balance that has to be paid is the pre-credit remaining balance of the device payment agreement. Any bill credits not yet received are forfeited if the device balance is paid off early.

I'm most definitely NOT a VZW employee. If a post answered your question, please mark it as the answer.

View solution in original post

0 Likes
Highlighted

Re: Can I trade in a device that's still on a payment plan?

Member

From what Verizon has told me, you are correct. It does seem unfair, since I have every intention of paying off the device over time so that I do not forfeit those monthly credits. $18 x 15 months = $270 in lost credits if I pay off the device in full now.

If I were to cancel my account right now I would be responsible for the full device payment, so why not just release the phone to me now so I can trade it in, and if I were to default on the payment plan they can then bill me in full as if I were cancelling my account.

It seems that I am stuck with my S7 Edge, which overall is a decent phone, but way too slow for me. It bothers me because there should be an alternative to this scenario, such as a credit card on file, or billing the phone to the account in the case of a default on my part.

0 Likes
Highlighted

Re: Can I trade in a device that's still on a payment plan?

Expert

Trading the phone to Verizon Wireless isn't always the best option. You can generally get more money back by selling the phone on Swappa or another retailer.

I'm most definitely NOT a VZW employee. If a post answered your question, please mark it as the answer.

0 Likes
Highlighted

Re: Can I trade in a device that's still on a payment plan?

Member

Generally you'd be right. But in the instance of purchasing a Samsung Note 8 they will artificially inflate the payout for your phone to $480 in the case of my S7 Edge. That's unbelievable, and it's killing me not to get it.

Covid19