It’s not a lease as the iPhone is owned by the individual from the start. The fact there is a loan to then pay for that doesn’t change that into a lease, even if there’s a clause that it can be returned 1/2 way through if you begin a new agreement.
Got a tip for us?
Let us know
Become a MacRumors Supporter for $50/year with no ads, ability to filter front page stories, and private forums.
Apple Lease Program Stealing
- Thread starter Xtrmist
- Start date
- Sort by reaction score
There’s your source
https://www.google.com/amp/bgr.com/2017/09/14/iphone-x-price-iphone-upgrade-program-refund/amp/
[doublepost=1509394223][/doublepost]Source for your money due back from citizen bank with anyone that made over 12 payments to citizen bank
https://www.google.com/amp/bgr.com/2017/09/14/iphone-x-price-iphone-upgrade-program-refund/amp/
[doublepost=1509394376][/doublepost]Please feel free to send me me your credit for everyone that thought they weren’t due any money back. Already verified with citizen bank and provided my new loan info to them.
https://www.google.com/amp/bgr.com/2017/09/14/iphone-x-price-iphone-upgrade-program-refund/amp/
[doublepost=1509394501][/doublepost]
https://www.google.com/amp/bgr.com/2017/09/14/iphone-x-price-iphone-upgrade-program-refund/amp/
Some knowledgeable Apple employees verified this info. Others stated refer to citizen bank due to that who the loan is through. I have already verified with citizen bank and I will be refunded for one month. I leased last phone on 9/16 (release date) and they are crediting me 10/16 payment.
Knowimagination
macrumors 68020
Of course he will and why shouldn't he? the IUP was never designed to be a guaranteed launch day delivery program. It is simply a 0% interest loan on the phone that after 12 months you can trade in. There was never any implied guarantee that you would always be able to fall right in that 12 months or get your money back.
It's honestly so sad that people feel so entitled that they think apple should have to foot the bill for them not being able to buy a phone on the IUP on release day.
[doublepost=1509394809][/doublepost]
You still haven't provided a credible source. At best you provided a rumor which isn't really of any use to anyone.
Knowimagination
macrumors 68020
Yes, but it is not advertised as a program to get the newest phone right at launch that's the point.
Why does everyone think the IUP only lasts 12 months? It's a two year loan and you get to UPGRADE after 12, or paying the equivalent of 12 months. If there two extra payments in there, well, look at that!
Does anyone ever read the TOS? I must just be a TOSnerd.
People don't lend money because they like you. They lend money because it's an easy way to convert days into dollars. Thus the saying "time is money."
[doublepost=1509395517][/doublepost]
"Every year" can be up to 24 months minus 1 day, remember.
Does anyone ever read the TOS? I must just be a TOSnerd.
People don't lend money because they like you. They lend money because it's an easy way to convert days into dollars. Thus the saying "time is money."
[doublepost=1509395517][/doublepost]
"Every year" can be up to 24 months minus 1 day, remember.
What annoys me about this whole process is if I want to upgrade on IUP, the store people keep requiring me to turn in the previous phone and close out that loan. Trouble is is that I don’t care to turn it in and I just want to keep it and for 12 months, pay the IUP installments on 2 different phones. Ugh, simplicity Apple! If I want to pay for 2 phones, dadgum it, let me pay for 2 phones! You’re starting a new IUP anyways, why must they give a rip and insist on closing out my old one? I can easily afford paying the IUP installments for both phones and what I want to do. Considering IUP is a 0% loan on a phone I’d buy outright easily, I might as well take IUP and hold onto my money over time (time value of money). I got plenty of family members to give my old phones to, so I have zero interest in turning in a phone to close out a previous IUP.
Why does Apple sometimes make it so hard to give them money?
Why does Apple sometimes make it so hard to give them money?
OriginalAppleGuy
Suspended
IF you don't pay off the phone, Apple is effectively buying out your loan by paying the creditor the balance. You can choose to pay off the phone (loan) yourself or give it Apple for them to do so.
It's really no different than any other kind of loan like a house mortgage or car loan. If you don't pay off the loan, someone has to. If you want to get rid of the asset with a loan balance, when you sell it, you pay off the loan with the proceeds. IF the proceeds are not enough to cover the balance of the loan, you are immediately called on the balance and must pay it immediately or the asset sale won't go through (the lien remains).