Apple is reportedly launching its new Apple Upgrade device leasing program in the United States on July 28th. Concurrently, the company will stop accepting new registrations for the iPhone Upgrade Program, though existing users can continue their subscriptions. Developed in partnership with Klarna, the program will cover a range of Apple products, including iPhones, iPads, Macs, and Apple Watches, with leasing terms spanning 2 to 3 years.

Under this program, users can access fully functional devices by paying a monthly fee. In cases of significant payment delays, the device will be remotely switched to a restricted mode, which will be lifted once outstanding fees are settled. After the lease term concludes, users will have the option to return, upgrade, or purchase the device outright. It’s worth noting that some budget-friendly products are excluded from this initiative. The program is designed to emphasize leasing services, offering what Apple claims to be a more cost-effective alternative to installment plans, and may eventually replace the original iPhone Annual Upgrade Program.