Apple Upgrade Program Questions

[GadgetGeek407]

Hello,
Every year I always buy the middle iphone model gb aspect wise cash unlocked in plus size, and sell my existing older phone and usually end up $400-500 out of pocket for the new phone once the older once is sold.

Am I better off doing the Apple Upgrade program for the new 8? What is the disadvantages? What happens when I want to upgrade the next year, do you just give the old phone back? What if I want to keep it, the pay off is the balance? Is it worth using the program or buying cash considering depreciation?

I also have 5 other phones in the house that I typically buy cash and do the same, is it worth doing the program on all?

Thanks

 

[dogegg]

Hi, the way it works is that you sign up for a 20 month, interest free credit agreement. Once you have made 11 payments, you can then hand the phone back and upgrade to the new phone, restarting the 20 payments. Therefore you're effectively getting 9/20 of the value of the phone as a guaranteed buy-back from Apple. You could continue the remaining payments and just keep the phone if you'd like.

A point to note is that these are the terms in the UK, I haven't checked if they are the same in the US but I'd imagine so.

The UK link is here so you could potentially find the similar US link;

https://www.apple.com/uk/shop/iphone/iphone-upgrade-program

Hope you're not too affected by Irma.

 

[Modernboy]

Hi, the way it works is that you sign up for a 20 month, interest free credit agreement. Once you have made 11 payments, you can then hand the phone back and upgrade to the new phone, restarting the 20 payments. Therefore you're effectively getting 9/20 of the value of the phone as a guaranteed buy-back from Apple. You could continue the remaining payments and just keep the phone if you'd like.

A point to note is that these are the terms in the UK, I haven't checked if they are the same in the US but I'd imagine so.

The UK link is here so you could potentially find the similar US link;

https://www.apple.com/uk/shop/iphone/iphone-upgrade-program

Hope you're not too affected by Irma.

In the US the Apple Upgrade Program is a loan through the Citizens One Bank. They will run a credit check for approval and every year when you want to upgrade they will have to approve you again as it basically opens a new loan.