Negotiating Deposit

vettesfan

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Is it possible to negotiate with Verizon about the security deposit that they want? I have made stupid mistakes when younger about financial stuff and mostly use cash now, so I lack current credit history. I want to go get the Droid but Verizon wants $400 for a security deposit which seems steep. If I absolutely need to I will pay it to get the Droid but is it possible to negotiate with them on that or the price of the phone itself to be able to get service at a lower initial cost?
 

mjs31

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Is it possible to negotiate with Verizon about the security deposit that they want? I have made stupid mistakes when younger about financial stuff and mostly use cash now, so I lack current credit history. I want to go get the Droid but Verizon wants $400 for a security deposit which seems steep. If I absolutely need to I will pay it to get the Droid but is it possible to negotiate with them on that or the price of the phone itself to be able to get service at a lower initial cost?


I have not heard of any success stories from other people, but I cannot say for sure. I know others have asked this question on Howard forums, but I don't think they were able to get around it. Hopefully someone can give you a work around..

I do feel your pain though...I went through some rough times many years ago and was in a similar bind like you are. I am now in the mid 700's so it can be corrected...not much help ....I know...
 

roflcopters

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Is that true about the student bit? Is it too late for them to do anything now? I'm find with them keeping the security deposit for a few more months, but what about a discount maybe?
Also, when I got my phone I had to pay a $300 one and I had no credit history.
 

dro

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Save your receipt and make sure the deposit amount listed is what you actually paid them. My deposit was waived on the Droid but when I first got my Verizon plan 3 years ago they charged me a $175 deposit. Lost all the paperwork of course and they had no record of me ever paying a deposit. I was supposed to get it back after a year but had to call them every couple weeks for literally another year to get anything back. Someone finally found some record of a $125 deposit, or maybe they just said that. Long story short it took 2 years to get my deposit back and it came in the form of an account credit for $50 less than I originally paid. I would be in there with a shotgun if they pulled that with a $400 deposit. Just make sure all the paperwork checks out. Back on topics here, I am not sure of why my deposit was waived. I was an existing customer and work for a company that gets me 20% of the bill and waived activation fees. I am also a student but not sure if that is true about the student no deposit deal.
 
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Martin030908

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Is it possible to negotiate with Verizon about the security deposit that they want? I have made stupid mistakes when younger about financial stuff and mostly use cash now, so I lack current credit history. I want to go get the Droid but Verizon wants $400 for a security deposit which seems steep. If I absolutely need to I will pay it to get the Droid but is it possible to negotiate with them on that or the price of the phone itself to be able to get service at a lower initial cost?
off topic... but not really...
Do yourself a favor... while cash gets things done.... get yourself a credit card with a low limit and use it for simple purchases. Pay on time... you'll be in trouble when it comes to buying a car or house if you have NO credit. Gotta do something to build it up a little. A simple credit card for $5 and $10 purchases will make a BIG difference on your score.
Just looking out for ya :)
 

thelion

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I have never heard that students don't have to pay deposits.

Negotiating rarely works but it certainly cannot hurt. Ask to speak with the credit department. Explain the situation and see if they have options to offer you. $400 is a bit high...
 

KZIWarrior

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It can't hurt to try but I would doubt it. They run the credit check and your score(s) determine the deposit. Not really any 'human' interface involved. With that in mind remember that leverage is your friend. if you are going for a multi-line account, with high end (i.e. expensive) devices and/or more expensive monthly plan(s) the store manager may be inclined to help you. If you're getting a single line with a cheaper plan I wouldn't expect much.

As stated above, keep your receipt. The deposit is supposed to be credited to your account after a given time. The first time I was with Verizon it NEVER was, and I didn't have my receipt so I ended up getting screwed. If it matters AT&T generally has smaller deposit requirements (if one is required) and their payback time is (or was) only 6-months. But that was several years ago. Good luck.
 

thelion

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VZW actually had some of the higher deposits I've seen. Working with consumers as an advocate people who applied to ATT, VZW and Sprint may see a $175 from ATT, $200 from Sprint and a $300 from VZW. It may not always been that much higher but it often was the highest of the three.
 

xtreme

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The student activation with no deposit is false, a student is still reviewed, but they may lower the deposit amount by one tier
 

mjs31

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Yeah...Never really heard of exceptions for students. They may lower some things, but bad credit is still a very high risk to companies so they require these deposits. Verizon is high though so I do not know how they come up with their numbers.
 
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vettesfan

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All they told me when I originally got the figure was $400 per line under my name, so if I wanted two phones they want $800. I would check other providers but Verizon is the only mainstream provider in our rural area so everyone has Verizon and I would need a more expensive plan since mobile to mobile wouldn't help with minutes. I am more than likely going to end up forking over $600 to get the Droid :motdroidhoriz:... I will definitely need to hang onto that receipt though!
 

dro

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Good lord, must just have to do with the nature of the phone. I mean the Droid does retail for $400 more than we are getting it for, they need to make sure people aren't just signing up to get the phone for dirt cheap. Stick with em and you won't need to leave a deposit next time you upgrade! I just renewed my contract and added a line, got a Droid and a free Eris and no deposit.
 

wsbsteven

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When I signed up with my first cell phone 7 years ago, Sprint required a credit card number from me to setup an account but they didn't require a deposit. $400 a line is insane. I'd find family somewhere with VZW and get added on their plan.
 

karmajay

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Well, I was not trying to pass on bad info so I apologize. I don't have the greatest credit thanks to a divorce 10 years ago or so, and I'm student. So when I went to the store and said I wanted to check if I had to make a deposit. The rep said he could get me on a no deposit student account. I guess he did not explain it well enough and I did not care because I didn't have to pay a deposit.
 
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