Other iPhone Upgrade Programme and potential iPhone 12 delays

[Brookzy]

Well we have Apple's solution.

If you upgrade, Apple will give you two choices:

1. Upgrade as normal. Apple pays off your loan. You get a bad deal compared to if the 12s came out in September.
2. Apple will process the upgrade, but rather than pay the bank, they will pay you. But they will pay you the trade-in value that they have posted on their website. You then pay the bank.

For most people who took out their iUP on launch day last year, choice 2 will be the most economical.

Additionally, unlike the second hand market, iPhones with AppleCare+ coverage do not attract higher trade-in values. So, once you have traded it in and paid off the loan with your bank, you can then contact Apple and cancel the AppleCare+ coverage.

Apple will then refund the bank, and the bank will refund you.

At least in the UK, by my calculations this could save you around £150 at the current trade-in values on the basis of an 11 Pro Max 256GB purchased on launch day last year.

 

[Major774]

UK lockdown now... whoever is on the program (includes me) is screwed. I don’t think Apple will change for a mail service for the UK program.

 

[akash.nu]

UK lockdown now... whoever is on the program (includes me) is screwed. I don’t if Apple will change for a mail service for the UK program.

Yep exactly my thoughts.

 

[gadgetfreaky]

Well we have Apple's solution.

If you upgrade, Apple will give you two choices:

1. Upgrade as normal. Apple pays off your loan. You get a bad deal compared to if the 12s came out in September.
2. Apple will process the upgrade, but rather than pay the bank, they will pay you. But they will pay you the trade-in value that they have posted on their website. You then pay the bank.

For most people who took out their iUP on launch day last year, choice 2 will be the most economical.

Additionally, unlike the second hand market, iPhones with AppleCare+ coverage do not attract higher trade-in values. So, once you have traded it in and paid off the loan with your bank, you can then contact Apple and cancel the AppleCare+ coverage.

Apple will then refund the bank, and the bank will refund you.

At least in the UK, by my calculations this could save you around £150 at the current trade-in values on the basis of an 11 Pro Max 256GB purchased on launch day last year.

Woah - that is a lot of steps and doesn’t seem very apple like
is there a link to the apple website?

 

[Lamplight579]

Hey all, first time poster. I’ve read this 3 page forum and I was wondering if you could help me out.

I subscribed to the IUP in June 2020. I’m due for an upgrade in June 2021. If I wait for the new iPhone to come out (12S/13) around September, what would happen to 4 months of overpayment on my current phone? Is the money given back to us in store credit or anything?

I would really appreciate any advice as Apple won’t give me a straight answer. Obviously, if I’m going to lose 4 months of payment then I’ll upgrade on time.

 

[nrvna76]

Hey all, first time poster. I’ve read this 3 page forum and I was wondering if you could help me out.

I subscribed to the IUP in June 2020. I’m due for an upgrade in June 2021. If I wait for the new iPhone to come out (12S/13) around September, what would happen to 4 months of overpayment on my current phone? Is the money given back to us in store credit or anything?

I would really appreciate any advice as Apple won’t give me a straight answer. Obviously, if I’m going to lose 4 months of payment then I’ll upgrade on time.

You will continue to make the payments. I’m not sure I’d characterize it as ‘losing’ them because you paid for 4 extra months to use the phone as the asset depreciated. But, you will not get store credit or anything, Apple will take the device and remove the rest of your loan for that device.

If it has scratches, or other damage you will be charged an AppleCare fee. It may be worth investigating selling privately at that point.

 

[Lamplight579]

You will continue to make the payments. I’m not sure I’d characterize it as ‘losing’ them because you paid for 4 extra months to use the phone as the asset depreciated. But, you will not get store credit or anything, Apple will take the device and remove the rest of your loan for that device.

If it has scratches, or other damage you will be charged an AppleCare fee. It may be worth investigating selling privately at that point.

That makes perfect sense. I’ve been looking for the above answer for ages, so thank you! I didn’t realize how tricky IUP could be until I read through this thread.

Thanks again for taking the time to respond to an old thread 😁