I've just had a thought - appreciate if anyone could confirm this.
If I wanted to take advantage of iUP for the purposes of spreading cost (as it's a 0% loan basically), but then next year I also wanted to upgrade with confirmed launch day stock (i.e. order online for delivery) it would annoy the Apple Store but it would be possible, right? Here's how:
1) Join iUP as you would
2) Make the 11 payments as you would
3) When a new iPhone is released, order for delivery and pay the full amount upfront
4) In store, cancel the existing iUP by returning the phone. This cancels the iUP, basically
5) Also in store, do the return-refund-join iUP with that iPhone- dance
6) Repeat
The only difference, really, is that you're choosing delivery each time a new phone comes out, and you are temporarily charged the full £££ for the phone.
Am I right???
Point 4 doesn’t work like that. You can’t hand the phone back after 11 payments and end IUP. What you can do is settle the loan with Barclays directly with any funds you raised by selling the phone you own.
Read the t&cs, it’s got info on what constitutes an upgrade after 11 months.
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
Enrol in a new iPhone Upgrade Programme which includes:
agreeing to purchase a new AppleCare+ policy;
paying a further Upfront Payment; and
applying for and entering into a new 20-month 0% APR instalment loan (“New Instalment Loan”) with Bank.
It was easy enough to reserve stock for release day upgrade in the store and time of my liking.
Also if you’re going to settle your IUP loan yourself then you’ll be slightly better off selling the phone yourself and paying off the loans and reclaiming any remaining AppleCare left on the loan