It's not like a rental or a lease. The benefit for this over AT&T next is Apple gives you %50 of the original value at 12 months. For AT&T it's only %40 at 12 months, if I've paid 13 payments I've paid %54. Unless they give you some sort of credit they will just make more money. So it's not as good of a deal.
Right. They have guaranteed that you can trade it in at 12 months for 50% of the value, which you will be able to. They have not guaranteed they will have an iPhone 7 available to you at exactly 12 months down to the day, however. Neither does AT&T Next or any other upgrade program.
This was never a 'we'll give you 50% back whenever your iPhone 7 arrives' promise...it's just a 24month financing plan with the option to trade in early any time after the 12 month mark. That could be 12 months, 13 months, 16 months, whenever.
Having said that, I assume they will take steps to make it a smooth transition for their customers. But obviously they can't guarantee anything relating to the timing of next-gen phones.
Maybe they'll prorate...so if you're mid month when you trade, they'll apply the appropriate percentage as a discount to next month's payment. It's a good question that I feel we may not get an answer to anytime soon.
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