iPhone Upgrade Program Concerns

[MathersMahmood]

Hello everyone. I hope you are all well.

I was speaking to some mates today about going with the apple upgrade program and they got all paranoid saying that the deal is too good and that I will go into debt and that Apple will lock me in and make me end up paying more money and it will not make me look good in terms of credit.

I am in the UK and the plan seems good to me and I do not see any issues or if it will effect me negatively or not.

For those of you who are more knowledgeable in terms of finances and understand the program better than me is there any loopholes in this contract and is it going to effect me badly in any way? And also those in the UK who are planning on going through with the program do you have any concerns?

Thank you in advance.

 

[Irock619]

Hello everyone. I hope you are all well.

I was speaking to some mates today about going with the apple upgrade program and they got all paranoid saying that the deal is too good and that I will go into debt and that Apple will lock me in and make me end up paying more money and it will not make me look good in terms of credit.

I am in the UK and the plan seems good to me and I do not see any issues or if it will effect me negatively or not.

For those of you who are more knowledgeable in terms of finances and understand the program better than me is there any loopholes in this contract and is it going to effect me badly in any way? And also those in the UK who are planning on going through with the program do you have any concerns?

Thank you in advance.

Its just like anything else you finance except you are not paying interest. Not sure how it can hurt you financially unless you have bad credit and don't make your payments. I was gonna do it but didn't want to deal with the paperwork when going through my carrier is faster and more efficient.

 

[MathersMahmood]

Its just like anything else you finance except you are not paying interest. Not sure how it can hurt you financially unless you have bad credit and don't make your payments. I was gonna do it but didn't want to deal with the paperwork when going through my carrier is faster and more efficient.

Thats what i was thinking. Thanks for your input.

 

[Moccasin]

Hello everyone. I hope you are all well.

I was speaking to some mates today about going with the apple upgrade program and they got all paranoid saying that the deal is too good and that I will go into debt and that Apple will lock me in and make me end up paying more money and it will not make me look good in terms of credit.

I am in the UK and the plan seems good to me and I do not see any issues or if it will effect me negatively or not.

For those of you who are more knowledgeable in terms of finances and understand the program better than me is there any loopholes in this contract and is it going to effect me badly in any way? And also those in the UK who are planning on going through with the program do you have any concerns?

Thank you in advance.

Its effectively an interest free loan with fixed payments and little different to buying a phone through O2 or Vodafone. You have no commitment to continue after the contract and I'm not aware of Apple hassling users in the US to upgrade like you'd get from your mobile phone company. Given that O2 tend to charge you more than Apple for the most popular handsets on Refresh, I think its a better deal. You can walk away after 20 months and you can always pay off the outstanding amount as I understand it.

Its certainly no worse (and I'd argue much better than) the finance deals that your friends have probably taken out for their new cars. I have far more doubts about the finance for the MINI I bought last year than this deal. Hopefully by next year, Apple will have improved the availability of the new phone to upgrade customers when it is released - that seems to be the main issue in the US this year.

 

[MathersMahmood]

Its effectively an interest free loan with fixed payments and little different to buying a phone through O2 or Vodafone. You have no commitment to continue after the contract and I'm not aware of Apple hassling users in the US to upgrade like you'd get from your mobile phone company. Given that O2 tend to charge you more than Apple for the most popular handsets on Refresh, I think its a better deal. You can walk away after 20 months and you can always pay off the outstanding amount as I understand it.

Its certainly no worse (and I'd argue much better than) the finance deals that your friends have probably taken out for their new cars. I have far more doubts about the finance for the MINI I bought last year than this deal. Hopefully by next year, Apple will have improved the availability of the new phone to upgrade customers when it is released - that seems to be the main issue in the US this year.

Thank you for your help