Apple is reportedly teaming up with deferred payment processor Klarna to launch a new lease-to-own program for its devices.
Bloomberg reported Tuesday that the program — dubbed Apple Upgrade — is set to launch next Tuesday. It will allow consumers to pay for their purchases over multi-year periods, including iPhones, iPads, Macs, and Apple Watches.
Bloomberg writes that the lease term for iPhones and Apple Watches will be up to 24 months, while leases for Macs and iPads will be up to 36 months. The devices can either be kept or returned at the end of the leasing period, while upgrades to new devices will also be available (hence the name of the program). The report notes vaguely that, in some cases, “transactions will incur an additional fee.”
Apple already has a similar program called iPhone Upgrade, although the company plans to stop allowing new customer sign-ups to instead build out the broader, more inclusive Apple Upgrade program, the report said.
A leasing program is an obvious move for Apple, at this point. The iPhone maker has been battling supply chain issues wrought by “RAMageddon” — the industry-wide shortage of memory chips that is driving up the price of hardware. Those shortages have been driven largely by the AI industry, which is gobbling up so much memory that it’s not leaving much for the rest of us.
