Verizon's $650 trade-in amount for iPhone 6 or better
Verizon just launched an incentive where you would be given $650 trade in credit for an iPhone 6 or better after purchasing the new IPhone 7. To my knowledge, this only applies to devices that are already paid off and are on a month to month term.
After speaking with the representative(s), always get different stories from different people, the deal is that they will give you the $650 in statement credit over a 24 month period. If you choose to pay off the phone after a month, you are granted only 1/24th of the 650. If you pay off the phone or trade it in, anytime doing the 24 month period, you forfeit the remaining bill credit. Not sure how this makes any logical sense. I told them that it sounds like I am agreeing to keep the new phone for 24 months unless I want to forfeit bill credits. I guess I will sell my old one, like I had originally planned. For those interested in this deal, be careful.
Sounds like Verizon wins both ways on this. They get the money for selling your device to someone else and they also lock you into the new phone for full 24 months.