Doesn't sound right. We've done it twice since we got our very first cell phones about 4 years ago.
The gal at the final Verizon store said that they *could* renew the contract, but it would only give me a %25 discount on a phone and wouldn't allow for the swap we were doing, so...I didn't bother.
I'm now the proud owner of a more expensive phone than I wanted, with more features than I need, and which I have no clue how ta use. But they all agreed it was head and shoulders above the others for reception in odd places, so I guess I'm happy.
Almost felt like resorting to Jack methods in my hurry to get home, but I made it.