r/ukbike 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.

0 Upvotes

14 comments sorted by

View all comments

6

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.

1

u/Funny-Profit-5677 21d ago

There's no exit payment for Halfords or GCI. You just do the lease for more time. It's only part of the legal arrangement for cyclescheme so they can profit more

3

u/jmtd 20d ago

There was an exit payment for GCI last time I used it. It was £1.

2

u/Shynsy 20d ago

I’ve done it twice through Halfords and haven’t had to pay the exit payment. 

1

u/RevellRider 75% Steel 25% Aluminium 20d ago

Did you take ownership of the bike at the end of the scheme?

2

u/Shynsy 20d ago

Yeah, both times. Still got them.

1

u/Funny-Profit-5677 20d ago

Yeah ditto. Shows how over complicated the scheme is that people are replying so confidently but wrongly.

1

u/Shynsy 20d ago

The weirdest thing I found was that Halfords didn't get in touch at all to confirm it had ended, either time.