Apple Upgrade launched this week, and the iPhone Upgrade Program is being discontinued as a result. But despite some similarities, the two offerings are not the same. Here are the key differences.
#1: Leasing vs financing
Apple Upgrade is a leasing program, whereas the iPhone Upgrade Program used financing.
That means if you get a new iPhone through Apple Upgrade, you won’t actually own it. You’ll make monthly payments for a 12-month or 24-month term, then have the option to either return the iPhone outright, exchange it for a new model, or pay the buyout fee to own it.
The iPhone Upgrade Program also involved monthly payments. But with that program you actually owned the device, albeit with financial strings attached.
