Following up on T-Mobile’s decision to lease the iPhone 6s for $5 a month and Sprint’s move to undercut that deal at just $1 a month, Verizon announced a plan today to let iPhone owners upgrade to a newer model every year.

Verizon’s plan isn’t a lease like those from competitors. The company still expecting subscribers to pay off their phone over the course of 2 years if they choose not to upgrade in one year. Essentially the plan seems to function like a two-year contract, but with an added clause allowing you to re-up annually if you want the latest iPhone.

iPhone 6s buyers who pre-ordered the device already will get this deal automatically, as will anyone who signs up for Verizon and agrees to pay for their phone over a two-year period.

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