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slapppy

macrumors 65816
Mar 20, 2008
1,227
42
American economics at its finest. You are a complete (the term "loser" was suggested as being too rude but I can't help the fact if you can't afford something to begin with and yet you still want something you cannot afford AND you refuse to buy something in your own budget range, then you are pretty much a "loser" in my book).

If you cannot afford to pay $649 + taxes up front for a smartphone. Sorry if you need to finance a smartphone then you really need to go back to school and learn how to count. This is how Americans get in debt. You buy something you cannot afford. OR just buy something within your budget.

Either pay for it in full or SAVE UP until you can afford it. These programs have ludicrous interest rates and their entire objective is to trap you paying interests because you miss payments/stop paying. There is no "free" service to the general public on helping you buy anything.
Did you even read Apple program? lol Looks like your comment makes you the biggest loser. Haha
 

69650

Suspended
Mar 23, 2006
3,367
1,876
England
I buy a new iPhone every year. Every year I have to go on craigslist and list my old phone, and worry about getting robbed and shot dead. I rather pay the monthly fee and save my life (and time from selling old phone).

Where do you live, Afghanistan? I never knew Craigslist could be so dangerous.

I bought the 5s for about £650 in Jan 2015. Sold it for £320 in Oct 2016 when I upgraded to the 6s. That was selling it to a computer games shop who buy and sell mobiles/tablets/etc. That's one of the benefits of buying an iPhone, the re-sale values are brilliant.
 
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Jal217

macrumors regular
Oct 28, 2015
157
221
Financing by no means you can't afford something. I have plenty of money to buy my phone outright but I chose to do the upgrade program because it has 0% APR. I get about 5% on an average year on investments. By the time I have to pay it off I will have made money back. No one is going to get over indebted with one 700 dollar purchase. Sorry but most people are indebted by their poor credit card habits with thousands of dollars spent. not their iPhone purchase
 

GreyOS

macrumors 68040
Apr 12, 2012
3,355
1,682
Where do you live, Afghanistan? I never knew Craigslist could be so dangerous.

I bought the 5s for about £650 in Jan 2015. Sold it for £320 in Oct 2016 when I upgraded to the 6s. That was selling it to a computer games shop who buy and sell mobiles/tablets/etc. That's one of the benefits of buying an iPhone, the re-sale values are brilliant.
CEX only give up to £280 for an iPhone 6, it's not held its value as well
 

gixxerfool

macrumors 65816
Jun 7, 2008
1,087
786
With the financing program through Verizon, not the same, but similar, I actually came out ahead every month. So by financing I actually get $2 back on my bill every month. More or less. It's not much, but only because I use the device payment plan. If I paid it off upfront I would actually spend more money.
 

daftpunker909

macrumors regular
Sep 3, 2012
124
147
Maybe I'm misunderstanding this program, but you don't own the phone after 2 years right? Which means you can't sell it. The re-sell value of iphones is pretty solid, so you end up giving money away with this program if my assumption is correct.
 

SHNXX

macrumors 68000
Oct 2, 2013
1,901
663
Wait so it's actually 0 interest or only $30 in interest per year?

This seems like an amazing deal.
 

SHNXX

macrumors 68000
Oct 2, 2013
1,901
663
Maybe I'm misunderstanding this program, but you don't own the phone after 2 years right? Which means you can't sell it. The re-sell value of iphones is pretty solid, so you end up giving money away with this program if my assumption is correct.

Is this true?
If so, then obviously you're losing a lot of money by doing this although you save a little bit of hassle since selling a used phone is pretty annoying.
 

Rogifan

macrumors Penryn
Nov 14, 2011
24,518
31,848
You guys don't read the terms. It's not about whether or not you have great credit to qualify for the 0% APR in the first place, it's the fact that these programs are to get people who can't even pay their bills on time to suffer even more. The loan installment is thru your credit card.
So you're against people using credit cards, period?
 

horsebattery

macrumors 6502
Sep 24, 2013
315
428
Maybe I'm misunderstanding this program, but you don't own the phone after 2 years right? Which means you can't sell it. The re-sell value of iphones is pretty solid, so you end up giving money away with this program if my assumption is correct.
You do own it, unless you decide to trade it in for the next iPhone, which you can do once you have made at least a year's worth of payments (you can make advance payments after you've made 6 months worth).

As an aside, I think everyone responding to AliMacs just got trolled. At least I hope so, because otherwise, that's just sad.
 

Junior117

macrumors 6502
Apr 9, 2015
327
400
Toronto, Canada
I certainly hope they bring it over to Canada. I'd like to get an unlocked 128GB iPhone under that plan (you can get them unlocked under the program, right?)

American economics at its finest. You are a complete (the term "loser" was suggested as being too rude but I can't help the fact if you can't afford something to begin with and yet you still want something you cannot afford AND you refuse to buy something in your own budget range, then you are pretty much a "loser" in my book).

If you cannot afford to pay $649 + taxes up front for a smartphone. Sorry if you need to finance a smartphone then you really need to go back to school and learn how to count. This is how Americans get in debt. You buy something you cannot afford. OR just buy something within your budget.

Either pay for it in full or SAVE UP until you can afford it. These programs have ludicrous interest rates and their entire objective is to trap you paying interests because you miss payments/stop paying. There is no "free" service to the general public on helping you buy anything.

Woah there! Just because you choose to do it, doesn't mean you're a loser (or an idiot, or can't handle money, or whatever else you want to call people who do this).

I can more than afford to buy more than one of these phones at once and have more than enough to do other things, but I personally choose not to (that messes up my budget (that I'VE set a limit on, not because I HAVE to) and I like to keep my budget in line). This is how I choose to manage my money and it works wonders for me. It may or may not be a little more expensive, but at the end of the day it's my choice and it hasn't killed me in the slightest. I don't splurge on everything I buy, and while I have a credit card (I have to if I want to buy things online), it usually has credit in the account. And I know exactly how much interest I'm paying with each product; I track that too, but I do it anyway. I know what I'm doing.

So yes, you can use this option AND still be able to manage your money. I understand that some people aren't as good at handling money here, but I don't understand why you need to be so rude (yeah, "it's the Internet", yada yada, doesn't mean you have to).
 
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now i see it

macrumors G4
Jan 2, 2002
10,908
23,110
I couldn't find anywhere that said you get to keep the phone after 2 years. Maybe someone provide a link to that info.

I think the iPhone upgrade program is a lease. You never own it and are locked into payments to infinity.

And when you do want to bail, you've got to pay off the whole thing.... yet end up with nothing.

Maybe I'm wrong. I was too lazy to snoop around for the details in fine print.


[EDIT] @horsebattery found it. It's not a lease. You get to keep the phone after 2 years if you want. Thanks!

---
 
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horsebattery

macrumors 6502
Sep 24, 2013
315
428
I couldn't find anywhere that said you get to keep the phone after 2 years. Maybe someone provide a link to that info.

I think the iPhone upgrade program is a lease. You never own it and are locked into payments to infinity.

And when you do want to bail, you've got to pay off the whole thing.... yet end up with nothing.

Maybe I'm wrong. I was too lazy to snoop around for the details in fine print.
http://www.apple.com/shop/iphone/iphone-upgrade-program

Last couple of bullet points:
Can I upgrade in less than 12 months?
Yes. You can upgrade at an Apple Store anytime after six months, as long as you’ve made the equivalent of at least 12 payments.

-snip-

What happens if I don’t want to upgrade my iPhone after 12 months?
You’re under no obligation to upgrade, and after 24 payments, the phone is yours.
It's for those two reasons (among others, such as the 0% APR) why the upgrade program is a pretty good deal, as long as the buyer was going to pick up AppleCare+ as well. There's potentially deals with carriers too, so YMMV.
 
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Juicy Box

macrumors 604
Sep 23, 2014
7,540
8,876
Sorry if you need to finance a smartphone then you really need to go back to school and learn how to count. This is how Americans get in debt. You buy something you cannot afford. OR just buy something within your budget.

I think people that think it is financially smarter paying full price out of pocket now vs paying over a period of time interest-free should go back to school. TVM is one of the first things you learn in any finance/acct/business class.

Here is quick math.

Paying full price of iPhone and Apple Care = $778 TVM @ 8% for 24 months = cost of the purchase $907.46
Paying $32.41 per month for 24 months TVM @ 8% for 24 months = cost of the purchase $839.73

This is based off the market rate average which is typically 8-10%.

All that said, I can see other reasons not to finance an iPhone, but to say only losers finance, and implying that someone is uneducated and needs to go back to school is just silly. If anything, I believe it is the other way around.


Financing by no means you can't afford something.

Yeah, I did not get it either.
Financing @ 0% is basically getting something at a discount.
 

Dr.Chroma

Suspended
Apr 11, 2016
250
276
American economics at its finest. You are a complete (the term "loser" was suggested as being too rude but I can't help the fact if you can't afford something to begin with and yet you still want something you cannot afford AND you refuse to buy something in your own budget range, then you are pretty much a "loser" in my book).

If you cannot afford to pay $649 + taxes up front for a smartphone. Sorry if you need to finance a smartphone then you really need to go back to school and learn how to count. This is how Americans get in debt. You buy something you cannot afford. OR just buy something within your budget.

Either pay for it in full or SAVE UP until you can afford it. These programs have ludicrous interest rates and their entire objective is to trap you paying interests because you miss payments/stop paying. There is no "free" service to the general public on helping you buy anything.


Sounds like someone needs to go back to school and have a teacher check over their homework. Because clearly your math skills require improving. I definitely think you have a career with economics though.
 

Trin813

macrumors member
Sep 18, 2014
81
25
Tampa
With the financing program through Verizon, not the same, but similar, I actually came out ahead every month. So by financing I actually get $2 back on my bill every month. More or less. It's not much, but only because I use the device payment plan. If I paid it off upfront I would actually spend more money.

Does Verizon charge you $20 or $40 for your access line fee on the upgrade program through apple?
 

macduke

macrumors G5
Jun 27, 2007
13,296
20,078
Finally! I had to drive 120 miles on launch day to get my iPhone 6s on this plan. That's how much I hated my glitchy 6 Plus. Doubt the iPhone 7 will be worth the drive. At least I hope this online thing works with yearly upgrades or it's kinda pointless.
 

garylapointe

macrumors 68000
Feb 19, 2006
1,890
1,247
Dearborn (Detroit), MI, USA
American economics at its finest. You are a complete (the term "loser" was suggested as being too rude but I can't help the fact if you can't afford something to begin with and yet you still want something you cannot afford AND you refuse to buy something in your own budget range, then you are pretty much a "loser" in my book) If you cannot afford to pay $649 + taxes up front for a smartphone. Sorry if you need to finance a smartphone then you really need to go back to school and learn how to count. This is how Americans get in debt. You buy something you cannot afford. OR just buy something within your budget.

Either pay for it in full or SAVE UP until you can afford it. These programs have ludicrous interest rates and their entire objective is to trap you paying interests because you miss payments/stop paying. There is no "free" service to the general public on helping you buy anything.

"Learn to count"?!? Did you do the math? There isn't interest, actually running the numbers seems to get a difference of less than $0.01 a month (probably rounding and dividing by 24 months).

Most people have been making payments on our cell phones for years, this is nothing new for anyone, even many who hate credit and making payments have been doing this (they just don't want to do it). We've just been making the payment while it's rolled into our monthly plan. People switching out of these plans don't want to buy (or admit they buy) a phone that is $649 (or more)! Payments help them pretend it isn't so.

When my subsidized plan ends next year, my phone bill will drop (since a phone isn't included) but I'll have to make payments on the phone or pay for it outright. I just have to decide if I want to start upgrading yearly or continue to do it every two years. IF the phone is mine (with this plan) after 24 months, I don't really need to decide at the start, I can wait and decide later.

Doing it this way lets people trade in the phone after a year. It's pretty much interest free and the price includes Apple Care. Actually the upgrade program is about the same as if you purchased it with payments but add the AppleCare.

Is this more cost effective than buying the phone and selling it after a year? Probably not, but it's a pretty easy process. After seven months Gazelle pays about half the price for a 16GB 6s (you could likely get more on eBay), by fall that will be even lower, but with no fuss you can trade it in for the new one, that's pretty easy for many people.

Gary
 

Juicy Box

macrumors 604
Sep 23, 2014
7,540
8,876
glad so many of you don't get the picture. Continue your debt programs. American education at its finest.

Could you explain why you think this program is bad financially? I can think of other reasons, but you mention debt, so I assume you mean it is financially bad.

Financing the iPhone is cheaper over 24 months than paying for it in full at the beginning of 24 months. Also, debt isn't bad as long as it is manageable. Are you saying that all debt is bad? Home loans, business loans, car loans? I am not sure where you live, but if people had to pay cash for their homes and business, there would be little home ownership and businesses. Debt makes the world goes around.
 

jclardy

macrumors 601
Oct 6, 2008
4,199
4,505
Maybe I'm misunderstanding this program, but you don't own the phone after 2 years right? Which means you can't sell it. The re-sell value of iphones is pretty solid, so you end up giving money away with this program if my assumption is correct.
You do own the phone, if you keep it for two years. The idea is you pay, and after a year you can trade in for the next one. Or you don't trade in, and after two years the phone is yours.
 
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