Be careful pre-ordering with affirm

[seo219]

Samsung is advertising 0% APR and I was approved for 0% APR but my affirm has a trade in credit of $1787 charged if trade in was denied but on Samsungs end they only took off $1145 off my order for my s23u which means it's $600 over MSRP over on affirm!

My original post was deleted so I am being more vague this time but want to get the point across.

[seo219]

But would affirm charge me $1195 or $1787 on top of the $1077 i currently have to pay, if I denied the trade in?

$1787 + 1077 would be hundreds over MSRP.

[Kekke]

No, of course you won't pay more.
From my experience, the line "Instant trade-in credit" contains the maximum amount that you will pay in case if you do not send your trade-in phone at all. In your case it is $1787. If your device matches the description provided, you will only pay $1,077.

But I don't understand one thing. If you didn't use promo codes and vouchers, why is your total price $1787? Maybe you bought it on a student or employee website? If you have a receipt showing the discounts applied, that would clarify the situation.

[seo219]

I ordered off the Samsung shop app, did regular and not student/employee portal.

Here's the receipt from Samsung.

[Kekke]

Honestly, I have no idea why then your Affirm shows the amount of $1787. All I can say is that it is not an extra amount, but a total. Even taking into account the 5% discount on the first order through the app that you have applied, the amount should be different.

In any case, I wish you a successful trade-in. Once you figure out why this amount is different, I'd be interested to know the answer. Thank you.

[seo219]

No problem, thank you for your help.

[seo219]

So I just got my trade in device inspected today, with screen scratches and all, Samsung approved it for the full $1095 credit meaning I shouldn't be charged at all. I check affirm and my bank and nothing was charged yet, (I shouldn't be at all) Affirm still shows that $1787.35 trade in credit, difference would be $600 or so, if affirm charges, I would have to dispute it if they do.

[Kekke]

It's good to know that they approved the full amount. I'm sure you only have to pay $600, that should be it. And how much did they charge you in the first month of your installment plan? If it is equal to the planned one (600 divided by 12 or 24 months, depending on what you chose), this is additional confirmation that everything is fine.

[seo219]

I shouldn't have to pay that $600 either as it's an error on affirms end, $1095 is the full credit for perfect condition on Samsung's website so not sure where affirm got their number from. However my total loan amount is $964.00 and they charged $44.91 so far for the first month (44.91 for 24 months 0% APR)

I should only be responsible for paying affirm $964.00 for the two years, as Samsung approved the full credit.

[Helenna]

Hi seo219,

Affirm always displays the full device price as part of your financing agreement. This includes the "trade-in credit" because:

Samsung holds the trade-in value as conditional until our team receive and inspect your trade-in device. If the device is not sent or does not meet the stated condition, they can claw back the credit.

Affirm finances the entire purchase price of the device (before trade-in credit is applied) to cover the potential clawback.

If your trade-in is approved, Samsung notifies Affirm, and your financing reflects the adjusted cost (after trade-in).

If the trade-in is rejected or valued lower, Samsung charges you the difference, which will remain part of your Affirm loan.

If you have any other questions or concerns please do not hesitate to get in contact with our Live Chat support by visiting the below Samsung Canada Support site: 
www.samsung.com/ca/livechat

Thank you.

[seo219]

The trade in value is different from both affirm and Samsung. Wouldn't it make more sense for affirm to display $1145 and that if something was up with the trade-in, Samsung claws back the $1145? $1787 is a random number. If affirm charged the full $1787, that would be on top of the $1077 I'm already owed, which makes the device $600 over MSRP