How does the Verizon $200 trade in gift card work?

[Noble Actual]

Scenario:

1) Planning to trade in 2 iPhone 4 and 1 iPhone 4S to Verizon
http://www.verizonwireless.com/support/faqs/Equipment/trade_in_program.html#iPhone

2) Want to preorder 3 iPhone 6 Plus (16GB) at 12:01 AM on Verizon's site.

3) The $200 gift cards automatically deduct from the price when I preorder? So each iPhone 6 Plus (16GB) only costs $100?

3) Once iPhone 6 Plus arrive, I send the old iPhone through mail or visit a store.

Is this how it works? I'm hoping its not pay $300 for an iPhone 6 Plus then get a $200 gift card once you sent in the old iPhone. Then use that gift card on another iPhone 6

 

[darkflounder]

Fill out an online form.
Ship them the phone.
They confirm it meets their conditions (no cracked screens, works).
They send you a VZW GC.

 

[Noble Actual]

Fill out an online form.
Ship them the phone.
They confirm it meets their conditions (no cracked screens, works).
They send you a VZW GC.

So the first iPhone 6 Plus that I preorder I have to pay $300.

The other two I can get for $100.

Damn that kinda sucks.