iPhone 15 Pro Max Need clarification about return/replacement process

[Ariel32]

Hello!
Long story short, 15 Pro Max received at launch is defective. After spending an hour three days in a row with Apple Support, they are willing to send a replacement. I have never been in this situation before. Can somebody please walk me through the process. Will they send a new device, or refurb? What are the caveats of going this route as opposed to returning the device and buying a new one at some point (currently none are available in a 100 km radius) in any colour/capacity.
Any advice will be highly appreciated. I want to do it right. I have not paid via link they sent yet. I want to get advice here first.
Thank you

 

[ab22]

They will send a new device. Your card gets a hold for some value - in case the first isn't returned or is obviously damaged by the user.

 

[SumYoungGai]

Right now, the replacement devices are most likely new but in white boxes, since there has not been much time since launch day. The caveat to doing this is that you lose the ability to return the phone within the 14-day return window, so if the replacement is also bad, you are stuck getting replacements repeatedly.

 

[Ariel32]

Right now, the replacement devices are most likely new but in white boxes, since there has not been much time since launch day. The caveat to doing this is that you lose the ability to return the phone within the 14-day return window, so if the replacement is also bad, you are stuck getting replacements repeatedly.

This is exactly what I am worried about.
So, if I ask for replacement, I will not be able to return that for a full refund?