Apple Offering Pre-Approvals to iPhone Upgrade Program Customers Ahead of iPhone 8

Discussion in 'MacRumors.com News Discussion' started by MacRumors, Sep 13, 2017.

  1. nwcs macrumors 65816

    nwcs

    Joined:
    Sep 21, 2009
    Location:
    Tennessee
    #76
    Ah, "free" loans... No thanks, I'll just wait until they have them available unlocked at full price. With Equifax's recent crapitude I have a freeze set and wouldn't thaw it for these. Better to pay it all up front, anyway, if you can.
     
  2. TheShadowKnows!, Sep 13, 2017
    Last edited: Sep 13, 2017

    TheShadowKnows! macrumors regular

    TheShadowKnows!

    Joined:
    Sep 30, 2014
    Location:
    National Capital Region
    #77
    I cannot fathom why do people fall into Apple's creative-financing rabbit hole.

    Maybe I do not understand.

    But this is what I have distilled (maybe possibly wrong):

    1. The device is financed across 24 monthly payments without interest as a hard loan.
    2. The loan is loaded with AppleCare+ and taxes, even though AppleCare+ is neither discounted (B&H) nor fully executed (see No. 5 below).
    3. After twelve months (50% of loan) one can opt-in for a new hard loan.
    4. But that requires turning-in as trade-in the fully-functioning device.
    5. However, the market value of this unit is probably closer to 85% of its original cost (with AppleCare+ remaining for 12 months).
    6. The AppleCare+ expense, which still has 12 months before expiration, gets washed-out.
    7. The new loan will force another hard entry on your credit report, diminishing your credit score.
    8. And, most insulting, if you decide to pay-off early the loan, Apple will pay back your used iPhone with an Apple Gift Card, for a fraction of its value.
    9. Of course, you are responsible for the outstanding difference in cold cash.

    A great deal for Apple and the financing company; lousy to every one else.

    Did I get this right?
     
  3. thisisnotmyname macrumors 65816

    thisisnotmyname

    Joined:
    Oct 22, 2014
    Location:
    known but velocity indeterminate
    #78
    Ah, I understand now. Sorry I misunderstood your intent.
     
  4. Relentless Power macrumors G5

    Relentless Power

    Joined:
    Jul 12, 2016
    #79
    I think you would be surprised how many iPhone users actually prefer the bezels or don't have an issue with the bezels for purposes of holding. Especially on the larger iPhone Plus, I actually prefer the bezels as it give me a better grip on the iPhone and help me prevent from having any inadvertent touches on the display.
     
  5. Wags macrumors regular

    Joined:
    Mar 5, 2006
    Location:
    Nebraska, USA
    #80
    There is a secret formula. In general hard credit checks don't hurt credit. Having some open credit helps your rating. Of course, excessive checks could hurt. Everyone's situation will be different.
     
  6. carpleror macrumors regular

    Joined:
    Mar 25, 2014
    #81
    I wonder if they'll offer this to customers looking to switch to the iPhone Upgrade Program. I'm using AT&T Next right now, but would rather switch to iUP now that Apple Care is $200 on the X. But if I can't get pre-approved, I don't want to take the chance of getting denied the night of and missing out on getting it day one. I'll just stick with AT&T Next if I can only apply during preorders.
     
  7. thisisnotmyname macrumors 65816

    thisisnotmyname

    Joined:
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    #82
    Whoops, I misunderstood you too. I must need some caffeine this morning :p
     
  8. macduke macrumors 604

    macduke

    Joined:
    Jun 27, 2007
    Location:
    Central U.S.
    #83
    I need to figure out potentially five things:
    • Will this work with T-Mobile? I switched from Verizon earlier this year and apparently they have problems.
    • If not, will there be stock available at the store for the iPhone X so I can do it in-store?
    • If not, can I preorder one paid in full to "hold" it for the iPhone Upgrade Program in-store?
    • If not, how can I get out of my current iPhone Upgrade Program and buy the phone outright? Like, will they take my iPhone 7 at the store if I pay full price for an iPhone X?
    • If not, how easy is it to make an account at Verizon, get the upgrade, then cancel my Verizon account, and how to do it for the lowest amount of money?
     
  9. Markarian421 macrumors member

    Markarian421

    Joined:
    Jul 10, 2005
    Location:
    SFBay
    #84
    I don't believe this is true. I have credit freezes with all three credit agencies, I have to lift the freeze before anyone can run a credit check. I didn't have to do that last year to upgrade.
     
  10. WannaGoMac macrumors 65816

    Joined:
    Feb 11, 2007
    #85
    I think you estimated the value of the device a bit high after 12 months, and youre also not including depreciation (that battery aint as good 1 year later for example). And people already said there is not a repeated hard pull if you stay with the same company. And you dont have to upgrade every year, you can pay it off in 24 months if you decide not to upgrade. This program just makes it easier for people who like new devices every year
     
  11. Brian Y macrumors 68040

    Joined:
    Oct 21, 2012
    #86
    Everyone has this misconception that credit checks are a bad thing. They're not - they're a normal thing. The only time credit checks are bad are if you have lots in a short period of time.

    An annual credit check will do you no harm, and chances are, if you're an existing customer who's had no problems, even if you consent to one, they probably won't run one - it costs them, and what's the point paying for it if they know you're ok already.

    Saying "we'll do a credit check" is part of the process to cover their backsides if they do want to do one.
     
  12. Wags macrumors regular

    Joined:
    Mar 5, 2006
    Location:
    Nebraska, USA
    #87
    A
    Affaid Apple is setting the new normal price.
     
  13. macfacts macrumors 68000

    macfacts

    Joined:
    Oct 7, 2012
    Location:
    Cybertron
    #88
    I find it funny some are worried about credit ratings. If you need a loan to buy a phone, what makes you think you're going to buy a house or car soon.

    This is probably why the iPhone isn't selling well in China, no iPhone upgrade program, no monthly layaway payments. They have to save and buy.
     
  14. aimbdd macrumors 6502a

    Joined:
    Dec 10, 2008
    Location:
    East Cost
    #89

    No. This is not true. As long as you are not on the 2 year upgrade program you get the $20. So you would get the discount for being on the apple upgrade program too.
     
  15. leVel macrumors member

    Joined:
    Jul 24, 2008
    #90
    To answer your first question - From what i've seen it looks as if T-Mobile customers can add a social security number to get pre-approved ahead of pre-orders but they will still have to activate in-store. Not sure if Apple be shipping these T-Mobile IUP phones for in store pickup or directly to customers. Perhaps T-Mobile customers will be forced to schedule an in-store appointment? Hopefully someone going through the pre-approval process for the iPhone 8 on T-Mobile can chime in here.

    As for pre-ordering a full price iPhone, bringing it into an apple store for a refund, and re-purchasing it with IUP, it really depends on who you are working with and the timing. In theory it should work. However, typically when you do this and return the phone in store, that phone gets added back to the store's inventory. That puts it back up for grabs and anyone else reserving a phone could grab it. Then you will have to wait in the line that everyone else is waiting in for IUP while your phone you returned is being sold to someone in front of you for IUP.
     
  16. PatriotInvasion macrumors 65816

    PatriotInvasion

    Joined:
    Jul 18, 2010
    Location:
    Boston, MA
    #91
    Um, that subsidized $200 iPhone also featured ~$20 more in monthly plan cost from your carrier. Over the course of 24 months, you would have paid $680 for a $649 iPhone 5 (and even more if you kept it beyond two years at the pace of $20/month).

    The new lease plans are way better. It's the price of the phone divided by 24 months with no interest. Your original comment acts like the iPhone 5 only cost you $200. It did not.
     
  17. HitManSanders macrumors newbie

    Joined:
    May 27, 2011
    #92
    I also have credit freezes with all three agencies because of the Equifax fiasco. Does anyone know what credit agency Citizens will pull? I'll need to make sure to unfreeze before pre-approval for the 8.
     
  18. jamface macrumors member

    jamface

    Joined:
    Jan 25, 2016
    #93
    Surely more terrible is the pricing, which sees you pay (in the case of the X) nearly $600 over the course of a year and then have to swap it for the next new phone. iPhones don't depreciate by that much, if the secondhand market is anything to go by anyway.

    Why does anyone use this? You get a phone on launch and the meagre advantage of AppleCare +. Is that it?
     
  19. quinneverett macrumors newbie

    Joined:
    Sep 14, 2016
    Location:
    New York, NY
    #94
    Get a case # by chance? I called them 3 times and all 3 times they said they will do a hard inquiry for all customers. I've made every payment on time and in full (I have auto-pay enabled). Would love to find out if this is not true and see something in writing. It makes sense for them to do a new credit check on what they consider to be a new loan.
    --- Post Merged, Sep 13, 2017 ---
    That is not correct. I am on the iPhone Upgrade Program currently and don't have to pay an extra $20 / month to Verizon.
    --- Post Merged, Sep 13, 2017 ---
    My thoughts on the new iPhones:

    Under the iPhone Upgrade Program, the iPhone X is $15 more per month than my 128 GB iPhone 7 Plus. The iPhone 8 Plus is only $4 more per month. The iPhone X gains 0.3" of screen space (with a portion or notch of the screen completely cut out in videos and pictures). The iPhone X loses the well-established Touch ID, and replaces it with Face ID which Apple couldn't even get to work in their Keynote, and your family members, especially twins, can easily unlock your phone. Your iPhone X could also be unlocked if someone takes your phone from you and points it at your face. Both new iPhones get the new A11 Bionic Chip. The iPhone X gets 57 more PPI than the iPhone 8 Plus, but has the same screen brightness, which is less than half that of top competitors such as the Samsung Galaxy S8, Note 8, and LG V30. It's unlikely those 57 PPI extra on the iPhone X will really make that much of a noticeable difference. Both new phones will have True Tone displays. Both new iPhones will have the same f/1.8 aperture on the main wide-angle camera. Both new iPhones can record video with the same specs, including slow-motion video. Both new iPhones get the new Portrait Lighting mode. Both new iPhones get Bluetooth 5.0. Both new iPhones have fast-charing and Qi Wireless Charging. Most importantly, the iPhone 8 Plus has BETTER battery life than the iPhone X!

    So where does the iPhone X really start to take over on features that actually matter? It has a smaller form factor by height and width, making it easier to hold and use in one hand. The iPhone X has a better f/2.4 aperture on the telephoto camera compared to the f/2.8 aperture on the iPhone 8 Plus. Not sure that 0.4 is that significant of a difference, but comparing the two in testing will tell. The iPhone X gets Optical Image Stabilization on that telephoto camera. The iPhone X can make Animojis. You're lying to yourself if you say you will actually use that more than once. And that's about it. I'm not at all convinced that those bumps on the X over the 8 Plus are worth an extra $11 more per month, losing battery life, and losing Touch ID.

    Let me know your thoughts.
     
  20. Mike MA macrumors 65816

    Mike MA

    Joined:
    Sep 21, 2012
    #95
    50,96€ (45.88 GBP) in Germany, insanly high compared to the iPhone 8. But I guess US is without tax.
     
  21. RichardC300 macrumors 65816

    RichardC300

    Joined:
    Sep 27, 2012
    Location:
    Chapel Hill, NC
    #96
    Is there any benefit in getting pre-approved if I'm going to go to the Apple Store next weekend to get the iPhone 8 in person?
     
  22. quinneverett macrumors newbie

    Joined:
    Sep 14, 2016
    Location:
    New York, NY
    #97
    My thoughts on the new iPhones:

    Under the iPhone Upgrade Program, the iPhone X is $15 more per month than my 128 GB iPhone 7 Plus. The iPhone 8 Plus is only $4 more per month. The iPhone X gains 0.3" of screen space (with a portion or notch of the screen completely cut out in videos and pictures). The iPhone X loses the well-established Touch ID, and replaces it with Face ID which Apple couldn't even get to work in their Keynote, and your family members, especially twins, can easily unlock your phone. Your iPhone X could also be unlocked if someone takes your phone from you and points it at your face. Both new iPhones get the new A11 Bionic Chip. The iPhone X gets 57 more PPI than the iPhone 8 Plus, but has the same screen brightness, which is less than half that of top competitors such as the Samsung Galaxy S8, Note 8, and LG V30. It's unlikely those 57 PPI extra on the iPhone X will really make that much of a noticeable difference. Both new phones will have True Tone displays. Both new iPhones will have the same f/1.8 aperture on the main wide-angle camera. Both new iPhones can record video with the same specs, including slow-motion video. Both new iPhones get the new Portrait Lighting mode. Both new iPhones get Bluetooth 5.0. Both new iPhones have fast-charing and Qi Wireless Charging. Most importantly, the iPhone 8 Plus has BETTER battery life than the iPhone X!

    So where does the iPhone X really start to take over on features that actually matter? It has a smaller form factor by height and width, making it easier to hold and use in one hand. The iPhone X has a better f/2.4 aperture on the telephoto camera compared to the f/2.8 aperture on the iPhone 8 Plus. Not sure that 0.4 is that significant of a difference, but comparing the two in testing will tell. The iPhone X gets Optical Image Stabilization on that telephoto camera. The iPhone X can make Animojis. You're lying to yourself if you say you will actually use that more than once. And that's about it. I'm not at all convinced that those bumps on the X over the 8 Plus are worth an extra $11 more per month, losing battery life, and losing Touch ID.

    Let me know your thoughts.
     
  23. ckurt25 macrumors 6502a

    ckurt25

    Joined:
    Mar 25, 2009
    Location:
    Grand Rapids, MI
    #98
     
  24. mattopotamus, Sep 13, 2017
    Last edited: Sep 13, 2017

    mattopotamus macrumors G5

    mattopotamus

    Joined:
    Jun 12, 2012
    #99
    You have to look around, but you can still get subsidized phones though ATT and Sprint with 2 year contacts.

    For example, on Apple's website you can buy a sprint iphone 7 (128gb) for $199 with a 2 year contract.
     
  25. WatchFromAfar macrumors 6502a

    WatchFromAfar

    Joined:
    Jan 26, 2017
    #100
    Why? International companies were never in the EU before Brexit, and now international companies are still not in the EU post-Brexit. What's changed in your mind?
     

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