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

[sn0warmy]

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?

 

[Mlrollin91]

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?

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.

 

[saintsfan1970]

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.

 

[blindside217]

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.

 

[Phone Junky]

It's right in the name. iPhone UPGRADE Program.

 

[Tsuchiya]

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.

 

[sn0warmy]

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.

 

[jaybar]

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.