New Delhi: Apple has recently reported that they are gearing up to unveil the latest device leasing program called Apple Upgrade. This program is expected to offer a subscription-style payment model for select Apple devices. Apple Upgrade will support most iPhone, Mac, iPad, and Apple Watch models, with Klarna Group serving as the financial backer.
Customers will be able to make monthly payments and can pay off the device early, upgrade to the latest model before the lease ends, keep the device after the lease period, or return it at the end of the term. Several transactions might involve additional fees. The reported lease periods are iPhone and Apple Watch for 24 months. Mac and iPad for 36 months. Users will need approval via a soft credit check before joining the program.
Plans to discontinue latest enrollments for its current iPhone Upgrade Program and standard financing options after unveiling the latest service. Unlike the existing iPhone Upgrade Program, Apple Upgrade will not include AppleCare. Several reports exclusively include Apple Watch SE, Entry-level iPad, iPhone 16, MacBook Neo, and Business and education purchases. Apple had earlier explored an in-house iPhone and hardware subscription program before canceling the plan in 2024. And by partnering with Klarna, Apple can provide the leasing option without taking on direct financial responsibility.
Apple Upgrade is likely to be unveiled on July 28, initially in the US, via Apple’s physical retail stores and online store. It is not explicitly clear how the transition to Apple Upgrade will impact existing iPhone Upgrade Program members or whether they will be moved to the latest leasing program.
