Overview
- The new program is scheduled to debut in the U.S. on July 28 and will be offered online and in Apple retail stores for most iPhone, iPad, Mac and Apple Watch models with 24-month leases for iPhone and Watch and 36-month leases for iPad and Mac.
- Klarna will finance and underwrite the plans, applicants will face a soft credit check, and Apple plans to stop new enrollments in its existing iPhone Upgrade Program and standard financing to make way for the new offering.
- Subscribers will be able to pay off a device early, upgrade before a term ends, keep the device after payments finish, or return it at lease end, though some transactions may carry additional fees and AppleCare will not be bundled into leases.
- Not all products or buyers qualify: reported exclusions include the Apple Watch SE, base iPad, iPhone 16 and MacBook Neo, and the program will not cover business or education purchases.
- Apple developed the plan in response to rising memory and storage costs that pushed retail prices higher, and the move shifts lending risk to a fintech partner while giving customers lower monthly payments and Apple a more recurring-sales model.