My husband is trading in an iPhone 6 for an iPhone 13 with Verizon. He will receive a trade-in value of $440 and will pay $360 over a three-year period with our unlimited plan. If he chooses to leave Verizon before then he will be responsible for the full $800 value of the phone. I have a one year old iPhone 11 and with the same promotion I would receive $700 as a trade-in and will pay $360 over a three-year period also for an iPhone 13. I paid around $700 for my iPhone 11. So by my calculations we would pay $720 for two iPhone 13s, plus tax and activation fees. Am I missing something? The Verizon agent I spoke to said that they no longer have contracts but it seems to me this is pretty much a contract.
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iPhone 13 iPhone 13 Verizon Promotion 2022
- Thread starter blubird79
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The iPhone 13 is $800, so your husband would be paying $360 (with his $440 trade-in), but you should only be paying $100 (with your $700 trade-in). Total should be $460 plus other fees (after 36 months).
The trade-in values would come in monthly credits for the next 36 months. For example, you each will be billed $22.22 ($800/36) for the phone; your husband will get a $12.22 ($440/36) credit each month, and you would be getting a $19.44 ($700/36) credit each month. In the end, he’ll be paying $10 per month, and you’ll be paying $2.78 per month.
If you leave Verizon, you do not get the rest of the credits. You’ll have to pay off the remaining balance (not the full $800). Say one of you leaves Verizon after a year, you’ll have to pay $533.28 ($22.22*24).
It is still basically a contract, but it is done differently than it was many years ago. Also, if you pay off your phone early, you miss out on the remaining credits as well (since there are no more phone payments to be credited for the remaining months).
The trade-in values would come in monthly credits for the next 36 months. For example, you each will be billed $22.22 ($800/36) for the phone; your husband will get a $12.22 ($440/36) credit each month, and you would be getting a $19.44 ($700/36) credit each month. In the end, he’ll be paying $10 per month, and you’ll be paying $2.78 per month.
If you leave Verizon, you do not get the rest of the credits. You’ll have to pay off the remaining balance (not the full $800). Say one of you leaves Verizon after a year, you’ll have to pay $533.28 ($22.22*24).
It is still basically a contract, but it is done differently than it was many years ago. Also, if you pay off your phone early, you miss out on the remaining credits as well (since there are no more phone payments to be credited for the remaining months).
Thank you for the reply! It was very easy to understand. I will have to decide if I want an iPhone 13 for $100 plus another $100 for tax and activation.