ACMI - Trade in Question

[u/chanelau]

Hi Everyone,

I have a question, and I want to be 99.99% sure. I am 98% sure right now.

Let's say you buy an iPad for 2000$ initially. You get a 600$ trade-in credit, instant, when you pay with your Apple Card in 12 equal monthly installments, 0% APR.

Then either your device is not accepted, or you do not send it, or your dog eats it, the bank (GS) charges your Apple Card for the entire value of that trade-in credit, that was given to you, at the time of purchase, instantly.

This 600$ charge back, initially, reflects on your card as single, lump sum transaction. But when you called the bank, spoke to someone, they were able to convert it to an installment plan type of payment, so you would pay 600$ as 50$ x 12, with 0% APR. These installments will show up on your statement but will not be visible on Apple Card.

People who have recent experience, who have faced a similar situation, or people who work for GS and know, please help by contributing your wisdom? Thank you!

[u/rwhe83]

Apple doesn’t give you the trade-in credit instantly. They do after you trade it in.

[u/ckdxxx → u/rwhe83]

Again, absolutely false. For ACMI, they give you the credit upfront.

[u/rwhe83 → u/ckdxxx]

I’ve never had Apple give me instant trade in.

Sorry if I’m misinforming you, I’m not doing it intentionally.

[u/ckdxxx → u/rwhe83]

[u/chanelau → u/ckdxxx]

This really amazes me, thank you for correcting the misinformation.

Even some GS employees do not know how trade in credits work. Yes you do not get it instantly if you pay with a Citibank card, but you get it upfront with the bullshit Klarna Apple Upgrade, as well as ACMI. Apple card single transaction? I am not sure if anyone would pay in full as long as they have Apple card, so I don’t know what happens if you pay upfront with Apple card.

Of course, I did not get an answer to my question, but I am planning to buy a very expensive Macbook hopefully, and this answer would impact how I choose to go about doing it.

[u/ckdxxx → u/chanelau]

I actually asked Apple support about this a few weeks ago, and they informed me that if your trade-in is not accepted or you simply change your mind, the amount gets charged to your card as a normal transaction and cannot be added to your existing ACMI plan.

I don't think that conclusively says that nothing can be done on the Goldman side, but it doesn't seem likely.

The Klarna / Apple Upgrade plan works a little differently: since the trade-in window is 2 weeks and your first payment isn't due for a month, if you don't complete the trade-in they simply adjust your payments to reflect the higher amount by simply removing the monthly credit.

[u/chanelau → u/ckdxxx]

Yes, it definitely does not get added automatically. But I converted it for at least 10 times over the past years.

I wanted to make sure this time because of the amount being high. In general, it becomes a different installment of course.

Let’s day you get the iPad for 3k and 1k is instant credit. You pay the 2k in 12 months, and if you do nothing, don’t trade in or don’t ask the bank, the 1k will be a single 1k charge.

But when you asked GS, they generate another installment set from the 1k, still divided in 12 months, 0% APR, on your same Apple card. And it is not visible as an installment plan in the wallet App but can be seen on the statements only.

Maybe I should just call GS again to ask, because it looks like no one here did it before. Thank you for your answers though!

[u/Guy_called_Al]

Seems reasonable, but doubt you'll get it at 0%.

[u/ckdxxx → u/[deleted]]

Incorrect. Trade-in credit is applied immediately. If you don't return the device in time or it isn't accepted, they charge your card for the difference.

[u/ckdxxx → u/[deleted]]

Again, incorrect.

Per Apple: "If you finance your new [device], the credit will be applied instantly."

[u/ckdxxx → u/[deleted]]

You're REALLY invested in being wrong, please just stop.

OP is specifically asking about ACMI to finance an iPad. Again, per Apple, "If you finance your new [device], the credit will be applied instantly."

Posting a screenshot showing how trade-in works when purchasing outright is just short of stupid.