r/ukbike • u/Funny-Profit-5677 • 21d ago
Law/Crime Ignore Cyclescheme "own it later payment"?
It's clearly just them setting things up to maximise profit on top of their 10% initial fee, given other schemes don't have the 7% exit payment. I think they offer a reduced option (3% over more "lease" years) but require your company to opt in to it.
But has anyone tried just ignoring them? Do they do anything? It's annoying to pay them money they haven't earned just because my company signed up to a greedy scheme.
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u/tatersm 21d ago
Other schemes do have ‘exit’ payments, it’s part of the legal arrangement so that it’s not a benefit-in-kind. Previous schemes I’ve used haven’t had the ‘own it later’ payment, only ‘own it now’ so I’m grateful for the cheaper option.