ZTE, following the tried-and-true business philosophy of ‘well, Apple is doing it,’ is coming out with their own lease-to-own program today. Unlike Apple’s iPhone upgrade program, ZTE will make it possible to pay for several of their devices with monthly payments, including their projectors.
While the lease-to-own program will be available for a number of ZTE devices, it’ll mainly be for those interested in their flagship Axon Pro smartphone that launched earlier this year. Leasing programs range from 6 to 24 months, with both early cancellation and early pay off both possible. Early cancellation could come with fees, but if you choose to cancel and send back the device in good condition, you have the option of upgrading to another device and starting a new leasing plan immediately.
While ZTE’s lease-to-own program doesn’t include a protection plan like AppleCare+, ZTE does have a separate protection plan for their smartphone called Axon Pro Passport that includes a two-year warranty that covers damage, but requires an $80 deductible for every repair claim.
Leasing programs are subject to a credit check, so length of plans and monthly costs are going to vary, unlike Apple’s uniform upgrade plan. The financial side of things will be handled by SmartPay Leasing Inc, a third party. Because they are running a strictly lease-to-own program, these plans won’t be available to residents of New Jersey, Minnesota, Wisconsin, or Wyoming. Residents of those states will be able to lease devices from ZTE and SmartPay, but won’t be able to pay them off and claim ownership — they’ll only be able to lease and trade in to upgrade.