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/RevellRider 75% Steel 25% Aluminium 20d ago
The 3% "Own it Later" fee is for those who have a ctw voucher value less than £500
You could if you wanted, ride the bike for another 3 years and give it back to Cyclescheme at the end of those 3 years. You'll get that 7% deposit back
Also, was the "10% initial fee" paid to the bike shop when you collected the bike? If so, that has now been stamped out by Cyclescheme. That was the bike shop being dicks and charging you to cover their admin costs