HowUp allows end-customers to access the latest iPhone or iPad from dealers for 12 months via monthly payments before upgrading, without ever having to pay off the full cost of the device.
HH Vendor Finance provides the Apple dealers with 100 per cent of the retail price of the iPhone or iPad every time they refresh the customers’ devices in line with Apple’s annual upgrades.
The dealer offers the end customers a contract whereby they typically pay 25 per cent less than the full value of the device, split into 12 equal monthly payments rather than having to pay a large sum upfront at the full RRP.
If customers chose to upgrade at the end of the year and hand their device back, they do not have to pay the remaining 25 per cent of the retail price.
If they wish to keep their current device they can do so, by simply continuing to pay off the full retail value as part of their monthly bills until they own the phone outright.
By using HowUp, dealers receive money upfront meaning they are not forced to cover the value of the iPhone, depleting their cash reserves.
This is done independently of airtime contracts allowing the dealer to offer flexibility to their end customers.
Dan Proctor, chief technology officer at HH Vendor Finance, said: “This is a great product that helps dealers sell new iOS devices each year and saves their customers money.
“We now know that Apple bring out a new phone every year so this is great for people who want to keep up to date with the latest apple products.
“This is not just a vanity thing, new applications will always work best with the latest technology and software so it is important for many people to stay up to date.”
This HowUp programme is available for recent iOS devices only including the iPhone 6, iPhone 6s, iPad mini 4 and the iPad pro.