Apple’s rumored ‘Upgrade’ program brings lease-to-own pricing for iPhones, Macs, and iPads - The Verge

What the report says

The Verge, citing Bloomberg’s Mark Gurman, reports that Apple is preparing a new “Apple Upgrade” leasing program for several major device categories, including iPhones, iPads, Macs and Apple Watches. The program is reportedly expected to debut on July 28 and would replace both Apple’s existing iPhone Upgrade Program and standard financing for new iPhone purchases.

According to the report, the structure would resemble a car lease: customers could move to a newer device before the term ends, or decide at the end whether to keep or return the product. Klarna is reported to be Apple’s financing partner, and enrollment would involve a soft credit check. The Verge says the lease terms would vary by device type, with 24-month periods for iPhones and Apple Watches and 36-month periods for iPads and Macs.

The reported program would not apply to every Apple product. The Verge says lower-cost or entry-level devices, including the base iPad, iPhone 16, Apple Watch SE and MacBook Neo, are expected to be excluded. The new plan also reportedly would not bundle AppleCare, unlike the current iPhone Upgrade Program; The Verge notes AppleCare is also becoming more expensive.

The potential launch comes as device pricing remains under pressure from component and memory constraints, and after Apple reportedly raised prices on many products about a month earlier. If introduced as described, the plan could give Apple another way to make high-cost hardware purchases feel more manageable, while also encouraging customers to upgrade devices on a more regular schedule.