How Apple’s New Device Leasing Program Works for Macs and iPhones

Entry-level monthly payments start at $11.99, applied to Apple Watch and iPad configurations. The structure mirrors automotive leasing: fixed installments, a defined term, and a residual decision at the end of the contract.

Structure and Term Length

Leasing windows vary by device class. iPhones and Apple Watches are available on 12- or 24-month terms. iPads and Macs extend to 24- or 36-month terms. At lease end, three options apply: upgrade to a newer device, retain the unit via a one-time fee, or return it to an Apple Store. Apple has not disclosed the buyout figure; Mashable reports it likely equals the device's full retail price minus cumulative lease payments — effectively a deferred full purchase.

Approval requires a Klarna credit check. Apple states the application runs in minutes and uses a soft inquiry that does not affect the applicant's credit score. Once approved, lease management routes through the Klarna application rather than Apple's storefront backend.

Sample Pricing Data

The program does not include every device in Apple's catalog. The MacBook Neo, the company's entry-tier laptop, is excluded. Sample monthly rates per Mashable, pre-tax:

• iPhone 17 Pro (256GB): $1,099 retail — $31.99/month (24-month) or $45.99/month (12-month).
• iPhone Air (256GB): $999 retail — $28.99/month (24-month) or $41.99/month (12-month).
• iPad Pro 11-inch (256GB, WiFi): $1,199 retail — $24.99/month (36-month) or $31.99/month (24-month).
• iPad Air 11-inch (128GB, WiFi): $749 retail — $15.99/month (36-month) or $19.99/month (24-month).
• MacBook Pro 14-inch (M5, 16GB RAM, 1TB SSD): $1,999 retail — $38.99/month (36-month) or $53.99/month (24-month).
• MacBook Air 13-inch (M5, 16GB RAM, 512GB SSD): $1,299 retail — $24.99/month (36-month) or $34.99/month (24-month).
• Apple Watch Series 11 (42mm, GPS): $399 retail — $11.99/month (24-month) or $21.99/month (12-month).

Practical Tradeoffs

Total outlay across the lease term exceeds the device's sticker price in every sample configuration. A 24-month lease on the iPhone 17 Pro at $31.99/month totals $767.76 — below the $1,099 retail figure, but only if the user returns the device rather than exercising the buyout. Opting to keep the unit brings cumulative spend to approximately the full retail amount, per the reported residual structure. The mechanism front-loads accessibility rather than reducing aggregate cost.

Current iPhone Upgrade Program enrollees retain the option to migrate to Apple Upgrade at contract end. The original iPhone Upgrade Program is no longer accepting new entries.

The data shows a credit product framed as a pricing option. Applicable use case: users who replace devices on short cycles and prioritize lower monthly outflow over aggregate cost. Buyers planning to retain a device past the lease term should compute total outlay against outright purchase before enrollment.