Normally, so what if you didn't get your iPhone on launch day? Get it in a few weeks or a month. No harm done. With the iPhone Upgrade Program, however, you actually pay a penalty by missing out on the preorder. Those that enrolled in the program on iPhone 6S launch day, such as myself, will now pay a penalty by not being able to preorder the 7 for launch day. Instead of upgrading to the new phone right at 12 months, we'll now most likely make at least one extra payment on our old phones. And when we do get the iPhone 7, say in a month, our new loan will begin in October, meaning when next year's iPhone is released in September we'll have to pay an extra payment to "catch up" before we're upgrade eligible on launch day. This, coupled with the fact you have to go to an Apple Store to complete the transaction and have your credit pulled every single year have me figuring out how to bail from this not-so-consumer-friendly plan.