Verizon Payoff Scam

File: shutterstock_1475975123.jpg (1MB, 4500x4500px) Image search: [Google]

1MB, 4500x4500px

Tell me if anyone else has noticed this...Verizon says they will buy you out of your existing wireless plan if you switch to Verizon from another carrier. However, to take advantage of this rebate, they require that you trade in your used device and buy a new device from them. Most of the time, this is a windfall for Verizon and is actually less of a value to the customer. For example, someone with a used iPhone 6s could get $400-$500 for the device on the secondary market. Now they switch from TMobile to Verizon and Verizon pays off the balance on their account in exchange for a $400-$500 phone. If the amount owed to TMobile is anything less then $400 (which it is almost certain to be if you've been in your contract for more than 9 months) then all the benefit goes to Verizon. The customer actually gives up the value of their phone in exchange for the privilege of paying Verizon for a new phone and wireless plan. Now, after you've traded in your phone in exchange for the rebate, Verizon requires you to purchase a new device from them at $27/mo. for 24 months. To recap, Verizon gets: your $500 phone, your monthly payment for your cell plan, and $650 for a new phone. You get: taken advantage of. Am I missing something?