Apple to launch new leasing program with Klarna on July 28
Apple will debut an "Apple Upgrade" leasing service on July 28, ending new sign-ups for its iPhone Upgrade Program the same day, while existing participants can remain enrolled temporarily.
Apple is set to introduce a new leasing service called "Apple Upgrade" in the United States on Tuesday, July 28. The rollout coincides with the cessation of new enrollments in the existing iPhone Upgrade Program, though current subscribers will be allowed to stay in the program for a limited period.
The company is working with buy-now, pay-later provider Klarna to offer lease options for most iPhone, iPad, Mac and Apple Watch models. Lease terms will be 24 months for iPhones and Apple Watches and 36 months for iPads and Macs. Customers can choose to return the device at the end of the term, upgrade to a newer model, or pay a fee to keep the device.
Certain lower-priced products, such as the Apple Watch SE, entry-level iPad, iPhone 16 and MacBook Neo, will be excluded from the program. Unlike the iPhone Upgrade Program, the new plans will not bundle AppleCare+ coverage into the monthly payment.
Apple intends to market the service as a way to achieve lower monthly payments compared with its current financing options, positioning the offering as a leasing alternative that will replace the iPhone Upgrade Program for future purchases.