You are paying $8.83 over 30 months, which equals $265, so naturally you're thinking you're paying back the bill credit. However, think about it like this. The phone costs $800, which is $26.67/30 months. They're going to give you $800 - total - for your trade-in. They're giving you some of that up front as a one time bill credit. That's the $265. More @Wikipedia
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