Other iPhone Upgrade Program Buyout Options

[zekkjace]

Hey everyone, don't know if anyone has posted about his previously but it's been on my mind lately with the impending new phones coming out. A lot of this is presumptuous, but I'm sure some of you will relate.

I have an iPhone X on the iPhone Upgrade Program. I got it last year when the phones dropped and was able to do the credit pre-approval that they offered existing iUP users (which was awesome!). I'm hoping they do the same this year. But this year, I want to keep my iPhone X and give it to my wife instead of trading it in. I know I can buy out the phone, but I don't want to do that and compromise being able to get the pre-approval for better odds of getting a new phone at launch this year.

The iUP terms say that if you don't return the phone within 14 days, it reverts to your original loan for the remainder of the loan which would be perfect. But I'm trying to be extra careful cause I don't want to risk my credit score and such.

Has anyone thought of this, does anyone have experience with this to ease my mind? Thanks for any and all help!

 

[melman101]

Just open a new IUP. And close this one. That’s what would happen if you traded it in anyway.

 

[Banglazed]

If you plan to trade it in for a newer model, once you upgrade it and your existing balance will be cleared and new IUP will open.

If you plan to keep the device, you just continue to make payments and once device is paid off then it basically yours.

If you plan to give it to someone else, you can keep the device, continue to make payment till it is paid off, and purchase a newer device on a new IUP. You can still trade the other device in if you decide to later on.

I think of IUP as leasing program after 12 months payment you can upgrade. If I made more than 12 payments, I would just keep the device or resell it for higher value if possible and pay it off.

You can purchase multiple iPhone under IUP but each transaction will be treated as a new purchase so you may or not require a credit check for each loan.