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

[nwcs]

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.

 

[TheShadowKnows!]

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?

 

[thisisnotmyname]

My comment wasn't supposed to have to do with how expensive $50 seems for one's budget. It's the thought that the X is not worth the difference of cost. Just my opinion, but I was underwhelmed. The camera features are the same, and same SOC. Worse interface, and better display.

Ah, I understand now. Sorry I misunderstood your intent.

 

[44267547]

I really cant believe the 8 has those bezels heading into 2018. If not doing the X, at a minimum give it something like the old Xperia XA. iPhone bezels are ancient.

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.

 

[Wags]

The bad thing is that every year under the iPhone Upgrade Program, there will be a HARD credit check on you. I am seeking advice on how to best upgrade from iPhone 7 Plus 128 GB Verizon to iPhone 8 Plus 256 GB Verizon. I am currently on the iPhone Upgrade Program, but was unaware I would be subject to an annual hard credit check every year under that Upgrade Program. The Verizon Device Payment Plan with AppleCare+ offers the exact same agreement for the exact same price without the annual hard credit check. I would like to switch to this plan, but Apple will not pay off my outstanding balance on my Citizens One loan if I do so. Instead, they would give me an Apple Store credit for the trade-in value. This value is less than the outstanding balance on the loan. So I am faced with paying the difference (approx. $75), or having a hard credit check. What should I do? Are there other options?

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.

 

[carpleror]

It does say in the Apple Store app "If you prefer to upgrade to iPhone X, you can do so at a later date".... also says in the footnote "You can only be pre approved once per phone number. Multiple attempts may cancel your pre approval". I'm taking that to mean that if you're wanting the X, then don't go through the pre approval process before that becomes available.

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.

 

[thisisnotmyname]

I completely agree with you. My post was suppose to be sarcastic..

Whoops, I misunderstood you too. I must need some caffeine this morning

 

[macduke]

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?

 

[Markarian421]

They do necessarily... Call Citizens One or Apple... they will confirm that every year, when you get a new phone, you are taking out a new loan on that phone, and there will be a hard inquiry every year before you are issued the new loan.

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.

 

[WannaGoMac]

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 not be 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+ for 12 months).
6. The AppleCare+ expense, which still has 12 months of 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?

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

 

[Brian Y]

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.

 

[Wags]

A

I'll be sticking with my 6S Plus.

In 2017 and still no edge to edge to display without paying through the nose is ridiculous.

I'll wait until the iPhone X is a normal, mainstream price.

Affaid Apple is setting the new normal price.

 

[macfacts]

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.

 

[aimbdd]

I'm not clear on something...isn't it true that on Verizon, if you are on a device payment plan they give you like a $20 discount on their data plan? So switching to the iPhone Upgrade Program would cost $20 more a month than the similar Verizon upgrade program (plus the cost of Apple Care)? I've long wanted to switch to the program directly with Apple but didn't want my data plan to go up by $20. Do I understand the difference correctly?

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.

 

[leVel]

.

 

[PatriotInvasion]

Ridiculous pricing. I long miss the days of subsidized iPhones. I'm still using my iPhone 5 which I paid $200 for. It has a cracked screen now and not the best battery, but in retrospect, it was the steal of a lifetime.

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.

 

[HitManSanders]

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.

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.

 

[jamface]

That's correct. But see my comment on why the iPhone Upgrade Program is terrible. They run a hard inquiry every year on their customers. It's BS in my opinion. Verizon offers the same service with AppleCare+ for the same price but does not do a credit check every year...

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?

 

[quinneverett]

I called Citizens and was told they don't do a hard inquiry unless you had issues with the previous loan, I.E. late payments, missed payments.

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.
[doublepost=1505319208][/doublepost]

I'm not clear on something...isn't it true that on Verizon, if you are on a device payment plan they give you like a $20 discount on their data plan? So switching to the iPhone Upgrade Program would cost $20 more a month than the similar Verizon upgrade program (plus the cost of Apple Care)? I've long wanted to switch to the program directly with Apple but didn't want my data plan to go up by $20. Do I understand the difference correctly?

That is not correct. I am on the iPhone Upgrade Program currently and don't have to pay an extra $20 / month to Verizon.
[doublepost=1505319271][/doublepost]

Same. Luckily(?) for me I've held off since getting the 6 Plus and am more than ready for all the new features I'll be getting. Now I just debate the 8 Plus or the X.

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.

 

[Mike MA]

What gets me is that in the UK, the 64GB iPhone X is £56.45 compared to $49.91 in the USA. I've said it before and I'll say it again - Apple are definitely ripping Brits off!

50,96€ (45.88 GBP) in Germany, insanly high compared to the iPhone 8. But I guess US is without tax.

 

[RichardC300]

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?

 

[quinneverett]

Please just compare the screen sizes to the total demensions of the devices and tell me again that the difference is minimal.

Small bezels have become almost standart now and for an 800 Dollar phone these bezels are way to big in my opinion. This phone is just as expensive like the 6 was 3 years ago and sells for a higher price than the 6 did. Yet, it still has the same resolution, the same screen to total size ratio and so on.
For me this is a no go, especially considering the competition, but if you like it, by all means, buy it.

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.

 

[ckurt25]

A hard credit check shouldn't a big deal for most. Even if you're actively home shopping or looking to buy a car, it's not going to impact your credit score. You act like a credit check is some kind of death blow. It shouldn't matter to anyone with decent credit.
[doublepost=1505315127][/doublepost]

The only problem is for people like my wife and I. Unfortunately, we were part of the giant leak that Equifax had so we put a credit freeze in with each of the major bureaus. We'll have to temporarily lift the freeze in order to process this approval. We are holding out for the X so I'll monitor discussions to see how well or badly it goes for others in the same boat.

 

[mattopotamus]

Ridiculous pricing. I long miss the days of subsidized iPhones. I'm still using my iPhone 5 which I paid $200 for. It has a cracked screen now and not the best battery, but in retrospect, it was the steal of a lifetime.

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.

 

[WatchFromAfar]

Thanks to Brexit prices from international companies are only gonna get higher.

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?