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Returning/exchanging custom color Moto X for wood one
I've been talking to a few customer support reps online and the process of returning or exchanging your existing custom colored Moto X phone for a wood Moto X is different than doing a simple exchange for another set of custom colors. You have to return your original Moto X for a credit (i.e. to credit card), and when they receive it they'll refund your original purchase price. Once you get that return process going, you simply order a new one with the wood back. I believe you don't have to wait for the refund to process; you can just order the wood one right away (I think they give you a Motomaker code).
So basically if you ordered a Moto X during any of the $350 promos (like myself), you can't just exchange the phone and pay an extra $25 for the wood back. You essentially pay the current price of a Moto X, $400 plus the $25 wood (total $425), which is $75 more than the original $350 promo price. $425 is still better than the $600 that the bamboo phone was originally going for when it was first released in December before they price-dropped both the phone and the wood. I'm not surprised it works that way, though it would have been awesome if I could've exchanged, kept the promo, and only paid that extra $25.
For those that exchanged their Moto X's for the bamboo one when that was first released, I'm not sure if your process was the same, but that's what I've been told so far.