Could someone explain how the Upgrade Program works?

[DashSatan]

I've been trying to read up on Apple's site as well as Youtube channels but I'm just not sure I'm getting it.

I am on Verizon and want to upgrade to the iPhone 7 when it comes out. I don't have an upgrade under my line (I'm going to use my brothers because he used mine). So how does the Upgrade Program work? Do I really only have to pay the monthly 30$ or so for the phone? Do I have to open a credit card with Apple or can the money just be taken out of my bank account? If I'm doing the leasing through Apple, what monthly payment do I still have to make through Verizon?

 

[lordofthereef]

There is a hard credit check but you're not opening a credit card.

The value of the device you choose plus $100 (Apple care) is divided into 24 payments. You can either choose to complete all 24 payment or, once you've made 12+, bring the phone back to Apple and start fresh (another hard credit check) with the next generation model.

You don't have the option to make any number of payments early. The only real exception to this is if you want to pay it ALL off or pay off enough to get to the 12 payments to enable an upgrade.

 

[DashSatan]

There is a hard credit check but you're not opening a credit card.

The value of the device you choose plus $100 (Apple care) is divided into 24 payments. You can either choose to complete all 24 payment or, once you've made 12+, bring the phone back to Apple and start fresh (another hard credit check) with the next generation model.

You don't have the option to make any number of payments early. The only real exception to this is if you want to pay it ALL off or pay off enough to get to the 12 payments to enable an upgrade.

But it doesn't affect Verizon at all? Meaning I don't have to have my contract up in order to upgrade through Apple?

 

[lordofthereef]

But it doesn't affect Verizon at all? Meaning I don't have to have my contract up in order to upgrade through Apple?

No. you're handed an unlocked phone from Apple. Edison is in. I way part of this. You can leave Verizon st any time and go to another carrier with that same phone.