'Apple Upgrade' Program Launching on Tuesday

[k1121j]

Wow... So you have to pay 12-36 months then still pay to keep the phone? Im super interested in doing the math on this when it's released.

How to pay more than the cost of a iPhone = Apple Upgrade Program.

 

[Nekronos]

For the same reason I tell people not to lease cars, Don’t do this either.

“you’ll own nothing and be happy”

While buying is optimal when you plan to keep the car a minimum of 4 years, leasing is generally better if you buy new every 3 years and for folks that like luxury vehicles that have high depreciation curves.

There are other times that leasing cars can be more cost effective than buying with exceptional promotions. Leases are typically more subsidized than financing and have room to negotiate on money factor, particularly with multiple security deposits.

 

[Spock]

Only after one has paid an additional fee.

Apples quest to squeeze every last dollar out of their customers ranks high on the company’s priority list.

I am guessing the fee would be the remaining balance of the device so they can keep the monthly price lower, especially on the higher end devices.

 

[krakman]

Delete - Posted in wrong thread

 

[STOCK411]

Wow... So you have to pay 12-36 months then still pay to keep the phone? Im super interested in doing the math on this when it's released.

How to pay more than the cost of a iPhone = Apple Upgrade Program.

That's not how it currently works with the IUP and I highly doubt thats how it will work with this new program

 

[k1121j]

That's not how it currently works with the IUP and I highly doubt thats how it will work with this new program

I know how it currently works im commenting on what the article says "paying a fee to keep the device, and so forth."

 

[ClaraStahlbaum]

Out of interest where do you sell these devices ?

By trading them in through apple.

 

[zenmacx]

I am guessing the fee would be the remaining balance of the device so they can keep the monthly price lower, especially on the higher end devices.

I concur.

 

[rog]

If I don't own it after 2 years why bother? I guess my every 1-2 year upgrades will be 3-4 years now. Great decision, Apple, lol

 

[philrock]

I'll be curious how it will really work. I went to my local Apple Store today to trade in my current phone and enroll in the IUP before it goes away. They didn't refuse to do it, but they strongly suggested I wait until tomorrow. They wouldn't give any details but after I told them I was operating off the assumptions indicated in this article, they still recommended I wait. We shall see.

 

[wireless-toyz09]

I hope they let current IUP users remain on it.

 

[4sallypat]

I hope they let current IUP users remain on it.

Is IUP thru Citizen's Bank ?

Any effect that Apple Card sold to Chase Bank affecting this type of new financing ?

 

[Ethrem]

Wow... So you have to pay 12-36 months then still pay to keep the phone? Im super interested in doing the math on this when it's released.

How to pay more than the cost of a iPhone = Apple Upgrade Program.

You just pay the remaining device balance. So like for a 17 Pro Max 512GB, the monthly payments when selecting 24 months are $40.83/mo. This means after 24 months you've paid ~$980 and the remaining buy out fee would be ~$420. They'll also extend the payments another 6 months automatically if you don't trade in our buy out, which would be another ~$245 off, making the forced buy out fee after that ~$175.

 

[4sallypat]

Wow... So you have to pay 12-36 months then still pay to keep the phone? Im super interested in doing the math on this when it's released.

How to pay more than the cost of a iPhone = Apple Upgrade Program.

I just went to the Apple site to take a look at a new M4 Studio to replace my M1 Studio and without a trade in, monthly is $55/month for 36 months = $1984. Without adding in sales tax, at the end of the lease, there's a $516 balance.

And considering how low of a trade in offer I got for my M1 Studio ($440), I am considering it....

 

[mikegoldnj]

Yea, it's not a lease.

Oops.

“Now here’s the important part. Once you get to the end of the lease, having successfully negotiated all the monthly payments, you don’t own the device. It’s a leasing service, remember, not financing. But you have a few options at this point.”

 

[mikegoldnj]

I know how it currently works im commenting on what the article says "paying a fee to keep the device, and so forth."

“Now here’s the important part. Once you get to the end of the lease, having successfully negotiated all the monthly payments, you don’t own the device. It’s a leasing service, remember, not financing. But you have a few options at this point.”

 

[JohnWick1954]

Oops.

“Now here’s the important part. Once you get to the end of the lease, having successfully negotiated all the monthly payments, you don’t own the device. It’s a leasing service, remember, not financing. But you have a few options at this point.”

Maybe for Apple, it's certainly not the case for anything I've bought.

 

[mikegoldnj]

Maybe for Apple, it's certainly not the case for anything I've bought.

But….this whole conversation is about Apple and their new upgrade program.

 

[JohnWick1954]

But….this whole conversation is about Apple and their new upgrade program.

And it's also about Klarna which I use often, I literally said it may be an Apple agreement 🙄

 

[JohnWick1954]

Oops.

“Now here’s the important part. Once you get to the end of the lease, having successfully negotiated all the monthly payments, you don’t own the device. It’s a leasing service, remember, not financing. But you have a few options at this point.”

Oops.....

Apple won’t turn on any ‘restricted mode’ for missed lease payments

But is it a good deal?

www.theverge.com

 

[mikegoldnj]

Oops.....

Apple won’t turn on any ‘restricted mode’ for missed lease payments

But is it a good deal?

www.theverge.com

What does that have to do with the fact that this is now a lease, not a finance/purchase program?