Apple's new Upgrade Program has a catch most people will miss

August 2, 2026 I spent 20 years in the equipment leasing business, so I have a lot of experience reading and interpreting lease agreements. Here are a couple of things to keep in mind before signing up. First, read the lease agreement carefully. You may even want to have an attorney review it. The most important thing to understand is that you do not own the device. At the end of the initial lease term, you have three options: Upgrade to a new device and return your current one. Leave the program and return your current device. Purchase the device with a one-time payment through your Klarna account. This is where I see the catch—and where leasing companies often generate additional revenue. Apple says you'll be notified when your initial lease term ends, but it doesn't say how that notification will be delivered. More importantly, it's ultimately your responsibility to take action before the lease expires. If you don't, here's what the agreement says: If you don’t take any of these…