A customer who trades in an iPhone 17 Pro Max when enrolling in Apple Upgrade can lease Apple's $1,999 iPhone Duo for $9.24 a month over 12 months, or $21.12 a month over 24 months, 9to5Mac reported on Oct. 2. Without a trade-in, Apple advertises Duo leases starting at $82.99 a month for 12 months or $57.99 a month for 24 months.
Apple's public pages retrieved Oct. 3 did not show trade-in-adjusted Duo quotes because ordering had not opened. For now, the $9.24 and $21.12 figures rest on 9to5Mac's report alone. The sources don't say whether they include taxes, and any real quote will depend on Klarna's approval, Apple's trade-in assessment and the terms shown at checkout.
Bottom line: The low payment isn't a price cut. Klarna spreads the traded-in Pro Max's credit across the initial lease term. The credit is available only at initial enrollment, and making every payment doesn't make the Duo yours.
What the trade-in covers
The retrieved Apple and 9to5Mac pages did not display the iPhone 17 Pro Max's trade-in value here. Work backward from Apple's starting payments, assuming the same configuration, and the reported quotes imply a credit of about $885:
- 12 months: 12 payments of $9.24 come to $110.88, against $995.88 at $82.99 a month. The difference is $885.00.
- 24 months: 24 payments of $21.12 come to $506.88, against $1,391.76 at $57.99 a month. The difference is $884.88.
That figure is SaveOnPhone's arithmetic, not a trade-in value Apple quoted. It does show what the headline payment leaves out: the lower cash payment comes from applying roughly $885 of value from a phone the customer already owns, with the rest paid monthly.
At the end, return, upgrade or buy
Apple Upgrade is a lease from Klarna, not an installment purchase. Finishing the initial term doesn't transfer ownership. The customer can return the iPhone and upgrade to a new lease, return it and leave the program, or make a separate buyout payment through Klarna.
A trade-in is accepted only at initial enrollment. Klarna spreads the credit over that initial term and stops there; at upgrade time, there's no trading in another device. So a customer paying $9.24 a month who upgrades after 12 months starts the next lease with no trade-in reduction, and no Pro Max to hand over.
Doing nothing costs more. The lease rolls month to month for up to six months, and a payment that trade-in credit had held down goes up during that extension. After six months without a decision, Klarna charges the original list price minus lease payments already made, plus applicable taxes. Moving early is expensive too: once the 14-day return period passes, leaving or upgrading means paying all remaining initial-term payments plus applicable taxes and returning the phone in good condition. Apple says damage charges can apply.
The buyout math is murkier. 9to5Mac says the trade-in credit is still counted if a customer later uses the purchase option. Apple's formula points the same way: list price at lease signing plus applicable taxes, minus payments already made and remaining trade-in credits. But Apple also says trade-in credit doesn't continue past the initial term, and its charge after the six-month extension doesn't mention trade-in credit at all. Neither source shows a worked example, so no reliable buyout figure can be given.
Lease or buy
Bought outright, the 256GB Duo costs $1,999, or $83.29 a month for 24 months ($1,998.96 in total), and the buyer keeps the phone. The 24-month lease without a trade-in totals $1,391.76, about $607 less, but the phone goes back unless the customer pays separately to buy it. That trade-off can suit someone who replaces a phone every year or two and wouldn't otherwise sell the old one. For someone who keeps phones longer, the lease applies the Pro Max's value to a device they must return unless they later pay the separate buyout. Before giving up a recent Pro Max, compare the final lease quote with buying or financing the Duo.
Who qualifies
Applicants must live in the U.S. outside its territories, meet the applicable age requirement, provide identifying information including a Social Security number, and pass a soft credit check, which Apple says doesn't affect credit scores. Klarna collects payments from accepted debit and credit cards — but not American Express or UnionPay, and not cards from some issuers, including Chase, Capital One and Citibank. Apple Pay and PayPal are out as well. Apple allows no down payment, and AppleCare is billed separately.
The leased iPhone must be connected to AT&T, T-Mobile or Verizon at enrollment. The sources don't say whether a particular plan type or tier is required, and they don't list service prices or activation fees. The traded-in phone has to reach Apple within 14 days after the new device arrives, and it has to match its described condition. If it doesn't, Klarna can raise the payment.