iPhone Upgrade Program: Paid 12 months. Can I turn in and walk away?

Discussion in 'iPhone' started by sn0warmy, Apr 20, 2017.

  1. sn0warmy macrumors 6502a

    sn0warmy

    Joined:
    Mar 26, 2009
    Location:
    Denver, CO
    #1
    I'm trying to get a definitive answer to this question, since the iPhone upgrade program can be a bit vague.

    Apple's policy states that once you've made the equivalent of 12 monthly payments on the phone, you can turn it in to Apple and upgrade to the newest phone with a new 24 month finance for the new device.

    However, my question is, does this same logic apply if you simply want to turn the phone in and walk away without getting a new phone? Meaning, once I've paid 12 months worth of payments, can I just turn my fully functional/damage free iPhone into Apple and walk away, being forgiven of the remaining 12 months of payments?
     
  2. Mlrollin91 macrumors G4

    Mlrollin91

    Joined:
    Nov 20, 2008
    Location:
    Ventura County
    #2
    I'm 99.99% sure the answer is no. The reason being, the trade in value they are giving you being part of the program is significantly higher than what they offer for just trading in a regular device.

    Last year they forgave $437.40 when I traded in my 64GB 6s. They were only willing to offer my GF $305 for her 64GB 6s on trade in to upgrade to a 7. Phone was in perfect condition. So they are willing to take the loss on the IUP because they are selling another device.
     
  3. saintsfan1970 macrumors member

    saintsfan1970

    Joined:
    Aug 23, 2013
    Location:
    Massachusetts
    #3
    From Apple: https://www.apple.com/legal/sales-support/iphoneupgrade_us/
    iPhone Upgrade Program Terms & Conditions
    Exercising your Upgrade Option. To exercise your Upgrade Option you must:
    • Trade in your Financed iPhone in good physical and operational condition, as directed by Apple; and
    • Enroll in a new iPhone Upgrade Program which includes applying for and entering into a new 24-month 0% APR installment loan (“New Installment Loan”) with Bank.
     
  4. blindside217 macrumors regular

    Joined:
    Mar 16, 2012
    #4
    You would need to pay off the balance and then sell the iPhone privately which should cover most if not all of the payoff cost.
     
  5. Phone Junky macrumors 6502

    Joined:
    Oct 29, 2011
    Location:
    Sunshine State
    #5
    It's right in the name. iPhone UPGRADE Program.
     
  6. Tsuchiya macrumors 68020

    Tsuchiya

    Joined:
    Jun 7, 2008
    #6
    As others have said, you would need to pay off the remaining balance on the account if you'd like to walk away at this point.

    After 12 monthly payments, you've yet to cover the total cost of the phone. Agreeing to enrol in a new plan for a new iPhone AND handing in your current device is what nullifies the remaining balance.
     
  7. sn0warmy thread starter macrumors 6502a

    sn0warmy

    Joined:
    Mar 26, 2009
    Location:
    Denver, CO
    #7
    Makes sense. Thanks for the replies. Looks like I'll end up selling it to pay off most, if not all of the remaining balance.
     
  8. jaybar macrumors 6502a

    jaybar

    Joined:
    Dec 11, 2008
    #8
    I'm not sure you can do that. You may need to pay off the balance and then sell. You need to check with the bank.
     

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