It's "just" a restructuring; the previous setup was a really bizarre financial product where Citizens Bank gave you a 24-month 0% personal loan to buy an iPhone, but Apple would also buy your phone and loan out and sell you a new one every 12 months.

Now it's just a normal lease product with a 0% money factor through Klarna, that also works across Apple.

What this does is gives Apple more "price flexibility" (aka, they can raise prices more easily, which was probably a lot of the driver for this), but also gives consumers more buying power flexibility since it's a simple product that works across the board rather than a bizarre iPhone specific optimized financial instrument.

The new Apple Upgrade is also 0%, but has lower monthly payments and a balloon payment at the end, like a typical lease. It's not just cost / 24mo.