C2W and redundancy...

contadino

Über Member
Location
Chesterfield
I purchased a bike just about a year ago via the C2W scheme. I used the full £1k and paid the balance up front to cover the cost of the bike, and have just finished paying the C2W payments deducted from my salary. Last week, the email came through asking me how I wanted to finalise the arrangement. Options were £70, and keep the bike for 3 years, or £250 and own the bike outright, or give the bike back (that's not gonna happen).

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My question is, do I still need to be employed by the same company for those 3 years? I'm currently at risk of being laid off due to the plague, and the £250 option pretty much negates any financial benefit of using C2W. There's stuff on the Cyclescheme regarding leaving a job/redundancy during the 'rental period' which I think relates to when payments are being made, but nothing about during the following 3 years.

Thanks
 

bikingdad90

Veteran
There should be another option to rent for another 4 years and the £70 is reduced further but you may need to ring them as it might not be available to you under the terms set by your employer.

What technically happens in the background is your employer sells the bike to Cyclescheme for a nominal fee and Cyclescheme take ownership of the bike. The final value fee is an agreement between you and Cyclescheme and has no further input from your employer.

As you don’t own the bike for another 3 years you should keep it insured against loss.
 

jowwy

Guru
I purchased a bike just about a year ago via the C2W scheme. I used the full £1k and paid the balance up front to cover the cost of the bike, and have just finished paying the C2W payments deducted from my salary. Last week, the email came through asking me how I wanted to finalise the arrangement. Options were £70, and keep the bike for 3 years, or £250 and own the bike outright, or give the bike back (that's not gonna happen).

View attachment 520262

My question is, do I still need to be employed by the same company for those 3 years? I'm currently at risk of being laid off due to the plague, and the £250 option pretty much negates any financial benefit of using C2W. There's stuff on the Cyclescheme regarding leaving a job/redundancy during the 'rental period' which I think relates to when payments are being made, but nothing about during the following 3 years.

Thanks
no you dont need to be employed by the company for the 3yrs after paying the £70 fee...........but you shouldnt need to pay that at all, as they supposed to give an extended rental period at zero charge for 4yrs, then the bike is worth diddly squat and it becomes yours.
 

bikingdad90

Veteran
They can’t charge you anything until the employer sells the bike to the provider unless your still within the initial rental period.
 
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