- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Why is this such a ripoff? I can go over to AT&T and get on their Next 12 plan and after 12 months of paying $30 (estimate) I can turn in that phone and get a new one. On Verizon after 12 months I still have to give them more $ enough to equal 75% of the phones original price. Here's an example of the phone I have.
Verizon - Device Payment/Edge
Galaxy Note 4 - $699.00 (upgrade requires 75% of this amount - $524)
Monthly payment - $29.10
Payments After 12 months - $348
Additional amount needed to upgrade after 12 months - $176 and give them the phone back and get a new one.
Total money spent - $524.
Makes more sense to buyout the contract for $699 and then sell the phone for $200+, than to pay $524 and still give them the phone back.
AT&T Next 12
Galaxy Note 4 - $699
Monthly payment - $34.95
Payments after 12 months - $419
Additional amount needed to upgrade after 12 months - $0.00 and give them phone back and get a new one)
Total money spent - $419
Verizon please fix the Device payment program to make it more feasible for people who want to upgrade each year. This is not much different than a two year plan except you don't put money down upfront, but this is worse cause you have to give the phone back. At least with a two year plan the phone was yours.
Otherwise as soon as the Note 5 or HTC Aero are released I'm going over to AT&T.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
The real question is why do people think that it is a ripoff to actually pay for a phone? When did people become so spoiled that they think that everything should be free or extremely low cost. Phones cost alot, Verizon or any other carrier does not get them for free, why should they give them to you for free? I have been buying my phones full-retail cost for years, and low and behold. I have never had a reason to complain about anything. Buy the phone that you want, when you want it. Forget everything else.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
You are not comparing apples to apples on costs.
With the AT&T next 12 plan, the phone cost is divided into 20 installments, not 24. You can upgrade after 12 installments. . If you do the math, you will end up paying 60% of the phone. This is still less than 75% for Verizon, but only 15% difference. You can still upgrade each year. And you are right, it does make more sense to buy out the phone and sell it yourself. What's the problem with that?
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
I can't approve of trading in a phone with either carrier. No matter how much you pay in, you get more back by selling the phone yourself and putting the money toward the new phone.
FYI, Verizon customers who sign up for new Edge installment plans have to pay off the previous agreement and keep their phone. No more trade ins.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
And it's called DEVICE PAYMENT PLAN, no longer called Edge. Verizon is trying to tweak stuff and get rid of old plans/policies it seems. Bet a year from now people will still call it Edge. Most people are so resistant to change whether it's bad or good.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
I would suggest you go on over to AT&T. Verizon first had Edge with only a 50% payoff amount before upgrading, then 60% and 75% before NOW requiring you to pay off the entire amount before upgrading and keeping your original phone. It is unlikely Verizon will go back to only requiring a portion to be paid off and trading in the phone in order to upgrade. There were just too many instances of people returning their phone and having to STILL pay off the device because they returned a damaged device, causing lots of anger for the customers.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Okay so there was a 12 month Device Payment Plan which had a $2 monthly finance fee. Then Verizon Wireless started offering the Edge payment option with no finance fee and payments over 24 months. Now the Edge payment option is called Device Payment Plan? Talk about confusing.
I'm most definitely NOT a VZW employee. If a post answered your question, please mark it as the answer.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
It sure is confusing! After countless hours of research, asking everyone else here, and generally educating myself about the whole thing they decide to change the name of it and the terms and conditions to require 100% payoff before upgrading. I think the change to 100% payoff will prevent anybody from having the scenario of being charged for returning a supposedly defective device though. So that's a good thing.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Calling it Edge was a mistake to begin with. Call it what it is....
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
I guess some marketing PR firm told them that calling it Edge was cool and trendy.