Apple Upgrade Leasing: 20 Key Facts You Need to Know

Apple has replaced the iPhone Upgrade Program with a Klarna-backed Apple Upgrade leasing option in the U.S., enabling leases on iPhone, iPad, Mac, and Apple Watch with 24- or 36-month terms; devices are unlocked but you must pick a carrier or postpaid plan, and you don’t own the device until the final payoff. If you miss payments, it rolls into the next month, and three consecutive misses terminates the lease with the remaining balance due; there are no late fees but it can affect your credit. AppleCare+ isn’t included; damage is charged by Klarna; some devices, education pricing, and refurbishments aren’t eligible. You can end or buy out the lease, or trade in (value split across payments). Klarna payments require debit/ACH, not credit cards. Current iPhone Upgrade Program members can stay for now.