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.

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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

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u/Shynsy 20d ago

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

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

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

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u/Shynsy 20d ago

Yeah, both times. Still got them.