“New data from Citizen’s Financial Group suggests Apple’s loan partner has financed some 250,000 iPhones through the newly launched iPhone Upgrade Program, according to calculations from investment firm Piper Jaffray,” Nell Hughes reports for AppleInsider.
“CFG announced on Friday that it had $220 million in Apple iPhone loans on its balance sheet at the end of December,” Hughes reports. “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,” Hughes reports. “Apple’s new iPhone Upgrade Program is an interest-free, two-year loan, covering the cost of a new [unlocked] iPhone as well as AppleCare+ extended warranty. The cost of the phone and warranty are spread out over 24 payments, and users have the option to trade in their phone and upgrade to the latest model after one year.”
Read more in the full article here.
MacDailyNews Take: Not a bad start for the first quarter of availability!
SEE ALSO:
Apple’s iPhone Upgrade Program is already hurting AT&T and Verizon – November 20, 2015
How the annual iPhone Upgrade Program impacts Apple’s financials – October 8, 2015
Apple’s $32 per month annual iPhone Upgrade Program is shaking carriers to the core – September 24, 2015
Sprint offers Apple’s iPhone 6s for $1 per month with trade-in – September 24, 2015
T-Mobile trade-in plan offers iPhone 6s from $5 per month – September 23, 2015
Apple’s iPhone Upgrade Program may warrant higher earnings multiple – once Wall Street grasps what’s happened – September 15, 2015
Apple shares could rally 50% on new iPhone Upgrade Program – September 14, 2015
iPhone Upgrade Program: Apple’s brilliant strategy to turn carriers into ‘dumb pipes’ – September 11, 2015
Apple takes aim at the carriers with annual iPhone Upgrade Program – September 10, 2015
How Apple’s annual iPhone Upgrade Program works and how much it costs – September 9, 2015
Do the math and you will see it is the cheapest option for a 12 month upgrade cycle and it is unlocked…. Awesome.
Data suggest…
or: “The datum suggests”?
I’m with you, Currentinterest. “Data” is a plural.
Whatever…………………..now back to the NaRRiTivE………apppple is dooomeddd, cant innovatttte…..one trick pony, dog ate my homework,,,,,,,,losing market share……………../s
Pun intended….”Whatever” is right…..$$$!!
The fact it is unlocked was the prime reason paid off AT&T to get out of their upgrade program to jump on Apples.