iPhone X How exactly does the iup work?

[anitak1982]

I got my first apple iup account when I got my iphone X. So when you upgrade in 12 months what happens to the balance you owe? Does it disappear when you turn in your phone or added to the next?

 

[noobinator]

You turn in the phone in exchange for resetting the balance to 0. The new plan starts fresh when you get the new phone.

 

[anitak1982]

Should I be concerned that I keep seeing Apple discontinuing the iPhone X? I have zero issues with my gorgeous phone. I also saw they were releasing the next phones for less than the x is. Just wanted to know in case getting a different phone would be less. I may not switch, just want to know my options. Thanks

 

[noobinator]

I wouldn't think too much about those reports and even if they did discontinue it, it's not because it's a bad product. Just keep using yours if it suits you and you can always consider upgrading when new models come out.

 

[darngooddesign]

Should I be concerned that I keep seeing Apple discontinuing the iPhone X? I have zero issues with my gorgeous phone. I also saw they were releasing the next phones for less than the x is. Just wanted to know in case getting a different phone would be less. I may not switch, just want to know my options. Thanks

There's always going to be a newer, more gorgeous phone, but even if discontinued Apple will keep making warranty-replacement Xes for several years.

 

[Shadowbech]

I got my first apple iup account when I got my iphone X. So when you upgrade in 12 months what happens to the balance you owe? Does it disappear when you turn in your phone or added to the next?

Once you upgrade, you trade in the device and start a new loan on the new device. Then the rest of the balance on the old loan gets closed out and you owe nothing from the old loan when you trade in and open a new loan when you upgrade.

 

[anitak1982]

Once you upgrade, you trade in the device and start a new loan on the new device. Then the rest of the balance on the old loan gets closed out and you owe nothing from the old loan when you trade in and open a new loan when you upgrade.

Only a thought if the new iphones are less than the Iphone X but by the time 12 months rolls around my balance will be quite less as well. I am thinking the balance will be like $600 or so left. I just wanted to know my options. Thank you so much

 

[now i see it]

The iup is actually a rental scheme. You're renting the phone (with an option to buy) for a year or longer or until you pay it off. If you want to trade in your $1200 iPhone for a cheaper model next year, the slate is wiped clean, you trade in your year old phone and start making payments on the new cheaper phone. Those payments will be less per month than the more expensive phone.

If you finally bail Apple and want a Samsung phone, you just pay off the remaining balance of the iPhone you have and it's yours to sell or keep.

Apple likes this financing scheme because it keeps the money flowing in monthly. Everyone on the IUP upgrades each year, (and why not?) instead of hanging on to a phone for 3 years- which in the long run makes Apple less money.

 

[C DM]

The iup is actually a rental scheme. You're renting the phone (with an option to buy) for a year or longer or until you pay it off. If you want to trade in your $1200 iPhone for a cheaper model next year, the slate is wiped clean, you trade in your year old phone and start making payments on the new cheaper phone. Those payments will be less per month than the more expensive phone.

If you finally bail Apple and want a Samsung phone, you just pay off the remaining balance of the iPhone you have and it's yours to sell or keep.

Apple likes this financing scheme because it keeps the money flowing in monthly. Everyone on the IUP upgrades each year, (and why not?) instead of hanging on to a phone for 3 years- which in the long run makes Apple less money.

You can keep the phone for as long as you like even when you are financing. Not that much different than paying for it up front basically.

 

[anitak1982]

[QUOTE="now i see it, post: 26029082, member: 3112"

If you finally bail Apple and want a Samsung phone, [/QUOTE]

Thank you but a Samsung? Not gonna happen.

I might just keep my iphone X, I just wanted to know my options should I ever want to. Thanks everyone

 

[tonybarnaby]

You WILL save money if you can keep your phone for 3 years. Its your call. I personally am holding out for full 5g support. Probably 2019/20.

 

[Mlrollin91]

Only a thought if the new iphones are less than the Iphone X but by the time 12 months rolls around my balance will be quite less as well. I am thinking the balance will be like $600 or so left. I just wanted to know my options. Thank you so much

After 12 months, you owe $600 left on your X. When you trade that it, that $600 is forgiven. Making your account $0. Then you take out a new IUP plan with a $900 phone. All it does is reduce your monthly payments on the next phone. After 12 months, that $900 phone has a balance of $450. Then you trade that device in and the $450 is wiped out.

It doesn't matter if you buy a cheaper or more expensive phone. You get back the entire balance of the loan on trade in of that device.

 

[noobinator]

After 12 months, you owe $600 left on your X. When you trade that it, that $600 is forgiven. Making your account $0. Then you take out a new IUP plan with a $900 phone. All it does is reduce your monthly payments on the next phone. After 12 months, that $900 phone has a balance of $450. Then you trade that device in and the $450 is wiped out.

It doesn't matter if you buy a cheaper or more expensive phone. You get back the entire balance of the loan on trade in of that device.

This is correct, assuming you don't damage your phone.