What is a really crappy present? Something you just would never use? Something that is bought as an afterthought (often cheap and broken either in the box or after 5 minutes of getting it)? Or something that is just so cheap that you wouldn't even think of buying it yourself (for yourself)?
If it was the first, I'd just say it and ask if you could exchange it for something you could use. If it's the second or third, I'd thank the giver rather cold, and don't even look at it after unwrapping (hoping the hint hits home...)
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