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Losing Trade-in Device Promo Credit

Member

I traded in my iPhone 6 for the new iPhone 7 when Verizon was offering the promotion to trade in your iPhone 6/6s for a $650 credit that is paid monthly over 24 months.  My question is: what if something happens to my new iPhone 7 during that 24 month period?  What if it is stolen, lost, or completely ruined during that time period and I buy a used iPhone from an online to replace my phone?  Will Verizon continue to provide those remaining promo credits for my iPhone 7 that is now stolen, lost, or completely ruined?  Or, will I have to buy a new or used phone AND pay off the phone that was previously being paid for by promo credit?  It seems like Verizon should continue to provide those credits as long as I am continuing to pay for my plan that was used with the phone that was stolen, lost, or ruined.  However, I can't seem to find an answer of what would happen in that scenario.

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Re: Losing Trade-in Device Promo Credit

Customer Support

jdubk, I know that I too would have this exact concern if something were to happen to my phone, and I was receiving a credit in this manner. We are here to ease your concerns, and offer some much needed clarity on this very issue. If your phone is ever lost, stolen, or damaged beyond repair; All is not lost with your credit. As long as you continue to pay off your existing Device Payment, the trailing credit will continue until the phone is paid off. This means you can replace the phone with an insurance replacement if available, or you can purchase a phone out of pocket/activate an older phone as well. As long as the present device payment is not canceled, you will not lose your credits. Please let us know if you have any additional questions about this. Thank you, jdubk.

NicandroN_VZW

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If my response answered your question please click the "Correct Answer" button under my response. This ensures others can benefit from our conversation. Thanks in advance for your help with this!!

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Re: Losing Trade-in Device Promo Credit

Sr. Leader

Those promo credits will continue as long as you are making the payments towards the phone. You do not want to pay off that device early as the promo credits end as soon as the phone is paid off. If you need to purchase a new device, either do so 2nd hand from a site such as swappa.com or pay full retail up front from Verizon or another retailer.

Re: Losing Trade-in Device Promo Credit

Customer Support

jdubk, I know that I too would have this exact concern if something were to happen to my phone, and I was receiving a credit in this manner. We are here to ease your concerns, and offer some much needed clarity on this very issue. If your phone is ever lost, stolen, or damaged beyond repair; All is not lost with your credit. As long as you continue to pay off your existing Device Payment, the trailing credit will continue until the phone is paid off. This means you can replace the phone with an insurance replacement if available, or you can purchase a phone out of pocket/activate an older phone as well. As long as the present device payment is not canceled, you will not lose your credits. Please let us know if you have any additional questions about this. Thank you, jdubk.

NicandroN_VZW

Follow us on Twitter @VZWSupport

If my response answered your question please click the "Correct Answer" button under my response. This ensures others can benefit from our conversation. Thanks in advance for your help with this!!

View solution in original post

Re: Losing Trade-in Device Promo Credit

Member

I agree.  I have 8 payments left on my phone, with a 8.33 per payment credit for my trade-in when purchasing the phone.  I want to pay it off early, just to lower my bill a bit, however I will lose that 8.33 credit per month.  I'm not sure why they can't knock off whatever credit is due when you pay it off in full.  I think that's garbage, and is a good reason for a class action suit.  

Re: Losing Trade-in Device Promo Credit

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Due to the age of this thread, it will be locked in order to keep discussions current. If you have the same or a similar question/issue we invite you to start a new thread on the topic.

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