Apple Is Reportedly Launching a Device-Leasing Program With Klarna on July 28. Here's What It Means for iPhone Revenue.
Yahoo Finance ·
Apple ( AAPL -0.44% ) is preparing to launch a device-leasing program called Apple Upgrade in the U.S. on July 28, Bloomberg reported this week. If the report is right, the program could push the tech company 's biggest revenue line, the iPhone, toward faster upgrades and steadier, more subscription-like sales. The reported structure works much like a car lease. Klarna ( KLAR -6.20% ) would provide the financing, enrollment would involve a soft credit check, and leases would reportedly run 24 months for iPhone and Apple Watch and 36 months for Mac and iPad. During a term, customers could pay the device off early or upgrade to a newer model. At the end of one, they could keep the device or return it. The program would reportedly replace new enrollments in Apple's existing upgrade and financing options, though some lower-priced models wouldn't be eligible for it (including the iPhone 16, the entry-level iPad, and the Apple Watch SE). AppleCare coverage would no longer be included automatically. This could be material for Apple's business.
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