Report: 3-5% of iPhones bought under Apple upgrade program


Apple Insider on Piper Jaffray report:

CFG announced on Friday that it had $220 million in Apple iPhone loans on its balance sheet at the end of December. To analyst Gene Munster of Piper Jaffray, that implies Apple sold about a quarter-million iPhones through the new upgrade program since it debuted in September.

Munster estimates that the total number of iPhones sold through the program would represent between 3 and 5 percent of iPhone 6s units purchased in Apple Stores during that period.

Getting away from service contracts I think is a great thing and Apple's program is a pretty easy solution. The catch is you must also purchase Apple Care and pay a repair fee if Apple finds it damaged before turning in.

Last year I just opted to buy my phone outright. It's just a simple solution to me, however, interest-free financing is attractive use of money.