Apple to Launch New Device Leasing Program 'Apple Upgrade' to Stimulate Sales
The program, set to launch July 28, aims to offer lower monthly payments and increased flexibility for consumers.
Apple is preparing to introduce a new device leasing program called 'Apple Upgrade' on July 28 in the United States, according to a report by Bloomberg News. The initiative is designed to stimulate sales amid rising prices for many of the company's products.
The new service will encompass most iPhone, Mac, iPad, and Apple Watch models. Apple is partnering with Klarna Group to provide financial backing for the program. It will operate on a subscription model, allowing users to pay off their devices early, switch to newer models before their lease term concludes, or keep the device after the leasing period.
Apple intends to market 'Apple Upgrade' as an option with lower monthly payments compared to its current financing offerings. The program will be accessible through both Apple's physical retail stores and its online platform.
To pave the way for the new initiative, Apple plans to discontinue new enrollments in its existing iPhone payment plans, including the iPhone Upgrade Program and standard financing options. However, unlike the current iPhone Upgrade Program, 'Apple Upgrade' will not include AppleCare.
Certain products will be excluded from the new leasing program, such as the Apple Watch SE, entry-level iPad models, and upcoming devices like the iPhone 16 and MacBook Neo. Additionally, business and education purchases will not be eligible for 'Apple Upgrade'.