I’m still debating whether or not to use the iUP. What are the pros and cons of iUP? What was your experience pre-ordering using IUP?
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iPhone 13 Pro Max Calling all iPhone upgrade program users!
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If you are on iUP, you can upgrade every year. You do have to get applecare plus with it. When next year comes and you get the 15, you upgrade and turn in the 14. First time you do iup, it's a hard hit on your inquiry. Usually after that it's a soft check. However, some do report another hard inquiry after that so it's hit or miss. Some do report that after first year they don't see it on their report.
As for pre-ordering, my guess like last few years, you can do a pre-approval process to see if you are eligible and if you are approved you are set and then on pre-order day just pre-order.
As for pre-ordering, my guess like last few years, you can do a pre-approval process to see if you are eligible and if you are approved you are set and then on pre-order day just pre-order.
the hit depends on which country you’re in, at least in the UK, the credit agreement is a new one every year, so it’s a fresh hard search and a new credit agreement.
for me, it isn’t worth it… even the Apple store staff told me to just sell it privately, as you generally get 2-300 more.
Yea not that in US. When i was on iup all these years i only had one hard it when i first started the program and not a single time i got hit. So yea depends on which country you are in. Weird UK does it every time
From a credit and risk perspective, it doesn’t make sense to renew a loan; or rather, I am unsure whether a loan can be extended: this means that making a single longer does weird things to the data that other consumers of credit behaviour. Probably worse is that a renewing credit line that fluctuates show instability in the UK, which doesn’t help the consumer if they go onto other loans.
The US is rather fluid when it comes to credit data, e.g. Apple Card: they do a soft search, then record a credit line and a hard search if it comes to it. It doesn’t work like that in the UK, credir services always hard search prior to offering a service whilst a soft search can determine eligibility on a case basis (but does not guarantee the credit will be offered)
I might be incorrect in asserting the loan is extended or renewed. According to https://www.apple.com/uk/legal/sales-support/iphoneupgrade_us/, the original loan is terminated and a new loan established. It may be that the credit service acknowledges the same risk factors as before and only does a soft search to validate this. The presumption of fluidity as above remains however.
Thanks for the reply. I like to apple care theft and loss, is that possible to get if I sign up for iup????
Yes, you do have the option to choose the applecare theft and loss protection.
It is a new loan, at least in the U.S.
If don't want the convenience of just sending in your old phone you can still get a new phone on the program. Pay off the remainder of the old loan and you can then sell it assuming you don't mind the inconvenience and risk.
I used to sell my iPhones every year on Craigslist. Was a lot of hustle to get it done right after receiving the new one.
I’d have to take nice photos and lots of communications. Then I gotta deal with cash and evaluating the honesty of strangers in their communication style or obvious internet footprint.
Doing this still you can have the newest iPhone cheaper than IUP. However, it’s a huge PITA and not worth it to me.
I still do it for the Watch which I upgrade every year and if I could I’d do an apple thing there too.
Another item is that IUP is aldo valuable to me when I get family members to get it instead of buying iPhones haphazardly.
They can take a year off or not and I don’t have to bother with helping figure out pricing or making sure they don’t throw the old one in a drawer.
It simplifies stuff, which is valuable.
I’d have to take nice photos and lots of communications. Then I gotta deal with cash and evaluating the honesty of strangers in their communication style or obvious internet footprint.
Doing this still you can have the newest iPhone cheaper than IUP. However, it’s a huge PITA and not worth it to me.
I still do it for the Watch which I upgrade every year and if I could I’d do an apple thing there too.
Another item is that IUP is aldo valuable to me when I get family members to get it instead of buying iPhones haphazardly.
They can take a year off or not and I don’t have to bother with helping figure out pricing or making sure they don’t throw the old one in a drawer.
It simplifies stuff, which is valuable.
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Trade in my phone to decluttr every year. That gives me around 750 for the phone every time with no hassle. Up until this year, means I only pay 450 for the phone. It would be 648 using iup. Apple Card gives me no interest. Works out well.
Thanks for reply! I was wondering if it was more cost effective to trade in and use apple credit card rather than the iUP. I’d prefer not to take out a ‘loan’.
Let’s hope we get $750 for the 13 pro max!