Apple moves 250,000 smartphones via the iPhone Upgrade Program

New data from the Citizen's Financial Group suggests Apple's loan partner has financed some 250,000 smartphones through the iPhone Upgrade Program, according to calculations from investment firm Piper Jaffray — as noted by AppleInsider.

The iPhone Upgrade Program, introduced in September, allows you to get a new iPhone every year and includes You’re even free to choose the carrier and rate plan that works for you. Pricing starts at $32.41 a month.

CFG says it had $220 million in Apple iPhone loans on its balance sheet at the end of December. To analyst Gene Munster of Piper Jaffray, that implies Apple sold about a quarter-million iPhones through the upgrade program. He estimates that the total number of iPhones sold through the program would represent between 3% and 5% percent of iPhone 6s units purchased in Apple Stores during that period.