CIBC Will Reportedly Offer an Apple Product Monthly Subscription Program

According to a new report from MobileSyrup, CIBC is debating on offering an Apple product monthly subscription program, where clients would be able to pay for the latest Apple devices through the bank. The description from the note to the bank’s advisory panel reads:

“In order to help its customers better manage their money, CIBC is considering introducing an Apple product monthly subscription program, exclusive for CIBC clients.”

If this monthly subscription is approved, CIBC customers would be able to pay $0 down for the newest Apple devices. If the device is an iPhone or iPad, the payments would be spread out over a 24-month period. If the customer is looking to purchase a MacBook, the payment would be spread out over a longer 36-month period.

Customers can also trade in their current devices to unlock the residual value. This subscription program will give customers the ability to receive the latest devices from Apple.

The program would definitely bring benefits to consumers since they won’t be on a carrier contract. This means that they will be able to take advantage of the BYOD plans, which can be up to 25 percent.

All devices purchased through the program will be protected and covered by AppleCare+, but at the end of the 24-month term, they would return the iPhone. Customers could then keep making payments for the newest iPhone, in what appears to be a leasing program similar to what customers down in the U.S. have access to.

Update: this story was updated to clarify devices would be required to be returned at the end of 24 months, not traded in. 

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  • Tim

    Wow, what a deal. It’ll only cost you significantly more than if you just saved and bought the device outright.

  • MGSayah

    That’s actually not bad. Would probably use it…

  • MailG

    Where does it say that it will cost more?

  • Pierre

    I think this look like a lease. At end of lease you must to return the devices to them just like lease so not as good as seem to be.

  • MailG

    That’s NOT what it says. It’s a purchase program.

  • MailG

    Sorry I stand corrected. Other articles say you do return the phone at the end of the 2 years.

  • Kevin D.

    Isn’t it what Apple offers in the US already that was suppose to come to Canada??

  • Decodering

    This is very similar to the programme available through Apple in the US. I was hoping it was coming to Canada, but I had also hoped it would be offered by Apple itself so as to not tie the purchaser to any one financial institution. Also, it will be interesting to see if there is any interest charged.

  • Kevin D.

    I agree!

  • It’s Me

    From the MobileSyrup article, you don’t keep the device at the end of the two years (which is different than stated here, where it says you can trade it in). If it is the case that you pay almost as much as paying it outright, and the only differences are that you get to defer the payments over 2 years but you don’t get to keep the phones at end (and you AppleCare), then yes, you have paid significantly more over all, or rather you get much less because you end up without a phone unless you start the payments all over again for another phone.

    If you had instead bought it outright, you would have paid about the same, but at the end of the 2 years, you still have a phone you can continue to use without payments or you can sell it and put it towards a new phone.

    This is basically just a leasing program. You’re renting the phone and paying almost as much as buying it.

  • It’s a bit more than Apple’s iPhone Upgrade program, since that covers only iPhones — this looks like it will cover everything from iPhones to MacBooks.

    However, despite being called a “subscription” program, it’s probably not really all that different in principle from the financing that Apple already offers through its online store anyway, which is essentially an Apple Store line of credit backed by TD Financial Services.

  • Olley

    So you’re paying almost 100 dollars more than MSRP in order to spread out the payment into a 2 year period, but in the end you don’t get to keep the phone?? This is definitely NOT a lease program – a lease is you pay the amount of depreciation over the period you and the dealer agree to. A lease doesn’t make you pay for the residual value if you decide to return the purchase. This is pretty much a ripoff targeting impulse buyers who are cash poor when a new iPhone is released.

  • FragilityG4

    Where does it say lease? It’s a purchase program. Where does it mention $100 over msrp? My question is what’s the interest? You might be better using a line of credit or just saving up your money and buying when you can afford.

  • Aleks Oniszczak

    “In order to help its customers better manage their money, CIBC is considering introducing an Apple product monthly subscription program” So you would be paying $98.86 MORE than buying the phone from Apple and not being able to keep the phone since you’re just renting it. That would be a funny way to “help its customers manage their money.”

  • FragilityG4

    Okay this article is misleading! If you read the whole Moblie Suryp report some important information has been left out. This NOT a purchase program it is in fact a lease. At the end of the two years you HAVE to relinquish the device!
    You pay full price and have nothing to show at the end.

    The only good thing is it seems there is no interest but not owning at the end is no go in my books.

    The discrepancy in price is most likely due to Apple Care being added on.

  • FragilityG4

    If you read the whole Mobile Suryp report you DO have to return the device. It very much is a lease!

  • FragilityG4

    Never mind. I read the Mobile Syrup article and major details were left out here.

  • mcfilmmakers

    Dont make up numbers.

  • mcfilmmakers

    Its not a purchase program. Purchasing doesnt require the return of the device when the payments stop.

  • mcfilmmakers

    Um, those details are in fact in this article.

  • mcfilmmakers

    This article says that too!

  • mcfilmmakers

    Am i the only one that can read?

    Quote from THIS article “All devices purchased through the program will be protected and covered by AppleCare+, but at the end of the 24-month term, they would return the iPhone. ”

    This article says the same thing as mobilesyrup.

  • The article here was updated, probably after most of the above comments were made. When I first read it yesterday morning, the entire article ended at “AppleCare+.”

    They should really add a note when an article is updated like this.

  • It’s Me

    And that’s what I thought when I first read the MS article. But the one here either originally stated that customers could trade in at the end of term or we all misread it.

  • FragilityG4

    They were added after my comment was made.

  • FragilityG4

    Again the details were missing from the article originally. I made a comment after this post acknowledging the facts after reading the full Mobile Syrup report. Later on, after my comments, Nick added the appropriate information to his article.

  • Aleks Oniszczak

    lol it’s called math. Read the linked article and use the operator named “subtraction”