It seems like once one of the major carriers makes a move, the others follow suit pretty quickly. Sprint was the first to launch the popular “New iPhone Every Year” deal and soon enough the others began to follow. Of course, none of them tell you about the poor deal that you get on the trade-in portion of their programs, but that’s another story all together. What is worth noting, is that Verizon has joined in on the party by offering their own version of the program, and overall, it’s pretty simple in language.
Purchase a new iPhone from Verizon on their monthly payment program. After 6 months and 50% of the device payments have been made, you may trade that device in on the latest and greatest i-device and just keep making monthly payments. It’s virtually identical to the Sprint program that has been in place for some time now, but given the stronger network, Verizon’s offering is much more enticing for most people.
The fiscal breakdown on the device payment would look something like this: The 64GB model’s retail price is $749.99, which makes the monthly payment $31.24. This works out to $374.88 being due before your trade in could be done. Verizon would then take the device back after 6 months of use and allow you to purchase the iPhone 7 when it is released. Keep in mind that if you want to trade the device in at 6 motnhs, you would owe an additional $187.44 over the standard monthly payments you had been making since the start. Even still, a $400 trade in credit on last year’s iPhone isn’t the worst deal in the world.
Unlike the Sprint program, the Verizon program allows users to own the phone once payments are complete. With the leasing offering from other carriers, the phone is never truly the property of the end user, as it still belongs to the carrier as long as the user hasn’t bought out the lease and purchased the device outright. Verizon is very clear in how their payment program works as they are simply financing the cost of the device for their customers at a 0% APR over 24 months.
The new Verizon iPhone trade up program is automatically applied to anyone that purchased a new iPhone at Verizon on their monthly payment plan. If you are due for that upgrade, you can get that iPhone 6s now, and just save up that extra to grab the 7 when it comes out later this year. Nothing like a new phone now, and another in 6-10 months without losing much money. Of course, if you are on that grandfathered unlimited plan, Verizon will not allow you to make payments on a device until you upgrade to one of their new limited plans.