Update — July 28: Apple Upgrade has officially launched.
A new "Apple Upgrade" program is set to launch in the U.S. this Tuesday, July 28, according to Bloomberg's Mark Gurman. Apple will stop accepting iPhone Upgrade Program sign-ups on the same day, but he said customers who are already enrolled will be able to remain in the program "for the time being."
Apple is partnering with buy-now, pay-later company Klarna on the program, he said.
The program will allow you to lease most iPhone, iPad, Mac, and Apple Watch models, with a 24-month term for iPhones and Apple Watches and a 36-month term for iPads and Macs. Customers will have various options, including returning their device after the term, upgrading to a newer device, paying a fee to keep the device, and so forth.
Some lower-priced devices, including the Apple Watch SE, the entry-level iPad, the iPhone 16, and the MacBook Neo, will not be eligible, he said.
Unlike the iPhone Upgrade Program, Apple Upgrade plans will apparently not include AppleCare+ coverage bundled into the monthly price.
Apple plans to advertise the program as a way to have lower monthly payments compared to current financing programs, according to the report, so it sounds like Apple Upgrade will be focused on leasing rather than traditional financing, and it will apparently replace the iPhone Upgrade Program for new purchases going forward.
