'Apple Upgrade' Program Reportedly Launching Next Week

[iMac The Knife]

Hard pulls mean nothing in the grand scheme of things. After a certain point you don't even take a score hit from them anymore (ask me how many accounts I opened in a year to know that) and before that it's like 5-10 points, a blip on the radar that's largely inconsequential.

The only time people should be worried about hard pulls is if they're buying a house or financing a car in the next year since those scores are more sensitive to credit seeking than FICO 8, 9, and 10 are. For everyone else, finances over FICO.

5-10 points can mean the difference in credit tiers, so it does mean something in the grand scheme of things. On top of that, you're getting into a legally binding contract for 24 to 36 months over a smart phone or tablet. That is just sad.

 

[Ethrem]

5-10 points can mean the difference in credit tiers, so it does mean something in the grand scheme of things. On top of that, you're getting into a legally binding contract for 24 to 36 months over a smart phone or tablet. That is just sad.

Anything over 760 you're typically getting the best rates. I'm in the 780s across my scores, and 800s in a few of them, 5-10 means nothing for me.

I usually open a credit card with a sign up bonus when I get a new phone but I have my 17 Pro Max on my Apple Card right now since I didn't actually plan to buy it until I did so there wasn't time to get a new card. It's not like I couldn't pay it off if I wanted to but why bother when it's 0%?

 

[npmacuser5]

What is the major financial problem with a huge number of Americans, cash flow or commonly defined as paychecks to paycheck's financing. This option digs a larger financial hole the longer the lease.

 

[turbineseaplane]

Did you guys see this?

Yuck

iOS 27 code suggests Apple could restrict leased devices after missed payments - 9to5Mac

Code found in the iOS 27 beta suggests Apple has built a system that could restrict leased devices when customers fall behind on payments.

9to5mac.com

 

[BillyJoeJimBob]

They have a lease program for businesses. You pay monthly and switch it out every few years and it comes with AppleCare+

Edit: https://www.apple.com/shop/finance/business-financing

I've often wondered about that. Could lease returns be the source of all those low-end iMacs and MBP's on the refurb site?

 

[leesweet]

Didn't read 9 pages of comments but first couple didn't mention anything like IUP of getting a new iPhone after one year of payments. Yes/no?

 

[really???]

I’ve used this to keep all three of my family members every two years up-to-date. If memory serves, they never really charge you for like financing fees. So OK I have AppleCare theft and the rest of it which is fine with me considering one of my kids alone would cost me a grand to replace so I’m happy with the service that they used to have.

But I’m also an 840 credit person so I hope this won’t be weird for those of us with good credit.

 

[mac&cheez]

Interest free?

 

[solarmon]

You will own nothing and be happy.

I’m good with leasing if the terms are right. We all really just live month to month anyway. Until we don’t anymore, of course 🙂

 

[solarmon]

Apple and Klarna are partnering on a new "Apple Upgrade" leasing program set to launch in the U.S. on Tuesday, July 28, according to Bloomberg's Mark Gurman.

The program will allow you to finance most iPhone, iPad, Mac, and Apple Watch models, with a 24-month term for iPhones and Apple Watches and a 36-month term for iPads and Macs. Customers will be able to pay off the device early during the term, upgrade early to a newer device, or keep or return the existing device after the term.

The report said some lower-priced devices, including the Apple Watch SE, the entry-level iPad, the iPhone 16, and the MacBook Neo, will not be eligible.

Klarna is a popular "buy now, pay later" service, similar to Affirm. Apple Upgrade will require a soft credit check, and additional fees may apply in some cases.

Apple plans to stop accepting new iPhone Upgrade Program sign-ups once the new Apple Upgrade program launches, the report added. Unlike the iPhone Upgrade Program, however, Apple Upgrade will apparently not include AppleCare+ coverage.

Apple plans to advertise the program as a way to have lower monthly payments compared to current financing programs, according to the report, so it sounds like Apple Upgrade will be a rebranded, all-in-one program that replaces the iPhone Upgrade Program and some other standard financing options that the company has offered.

Article Link: 'Apple Upgrade' Program Reportedly Launching Next Week

1. Open a savings account.
2. Deposit $200/month in said account.
3. After 12 months, buy iPhone Ultra new, with cash.
4. One month later, continue making $200/month payment, and add 5%, so $210/month.
5. Repeat step 3.

No Klarna or Apple needed. You earn the interest. Don’t like the $200/month, get a cheaper phone.

 

[dampfnudel]

Welcome to late stage capitalism.