Under Verizon’s stipulations, customers can upgrade to a new iPhone every year once they pay out half of a device’s retail cost and trade in that unit for a new one, reports Re/code. The offer will be automatically activated as an option for anyone purchasing an iPhone 6s or 6s Plus, including preorder customers.
Instead of being introduced as a separate pricing scheme, Verizon’s annual iPhone upgrade program coexists with the current 24-month financing plan. The option is more flexible than competing device lease offers, according to the company.
“If you’re not interested in upgrading, you still have the option to pay your phone off in 24 low monthly payments,” Verizon said.