Apple announces Freddie iMac program — computer mortgages that make Macs affordable

Cupertino, CA — In direct response to frequent criticism that Macs are inordinately expensive, Apple today announced Freddie iMac — a new program created in partnership with the federally sponsored agency Freddie Mac.

Under this program, Mac buyers will be able to rise above the limitations of a meager income to take out mortgages for their computer systems. Apple says that if you were about to buy a nicely equipped iMac, a package that could cost $2,600 including tax, you could arrange a 30-year, fixed-rate Freddie iMac loan using your home as collateral — and pay only $22.82/month.

“It’s easy, and it’s fun,” says Apple’s press release, noting that the application process takes only a minute.

Morgan Stanley analyst Kevin Beckinwhaler has reservations. “There’s a hidden bugaboo in Apple’s idea. Using their own example of the $2,600 iMac, you’d be paying over $8,400 in total for your $2,600 computer.”

Apple spokesperson Nathan Beckinwhaler (no relation) counters that the added convenience of Mac ownership more than makes up for any added cost. And initial reactions from customers are positive.

“I’ve had my eye on one of these computers for years,” says Swatma Gali-Gali, Bay Area resident, “I was going to take a third job to be able to afford an iMac, but now I can just get a mortgage. If I work hard, I can pay it off in 20 years.”

Apple is simultaneously launching iOwe, a free iPhone app that will help you apply for your Apple mortgage, remind you when payments are due, and, at appropriate times, offer creative ideas for things you can do with your 10-,  20- or 30-year-old Mac.


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