Apple is preparing a device leasing program called Apple Upgrade for a possible July 28 launch in the United States, according to Bloomberg's Mark Gurman. Apple has not announced the service.
The report says Apple would partner with Klarna as the financial backer and make the program available online and in Apple retail stores. It would cover most iPhone, iPad, Mac, and Apple Watch models.
Apple Upgrade would operate like a subscription-style lease. Customers could reportedly pay off a device early, upgrade before the term ends, or keep or return the device when the lease concludes. Reported terms are 24 months for iPhones and Apple Watches and 36 months for iPads and Macs.
The program would require a soft credit check, and additional fees could apply in some cases. MacRumors reports that AppleCare+ would not be included, unlike the current iPhone Upgrade Program.
Bloomberg also reports that Apple plans to stop new enrollments in the iPhone Upgrade Program and standard iPhone financing when the new service begins. The Apple Watch SE, base iPad, iPhone 16, and MacBook Neo are reportedly excluded, as are business and education purchases.
Because the program remains unannounced, its launch date, eligibility rules, fees, and final terms could change.
