Cycle to work final payment

[addictfreak]

I was trying to find the thread on which someone was asking about Final payments re CTW.

I just got notification this morning that my payments are coming to an end. I had received a voucher for the full £1000.
It states that my 12 month hire period is coming to an end and that my employer would like to give me the opportunity to purchase the bike for a 'fair market value'. The amount I am required to pay is £20 (yes thats all) which will be deducted from my salary. I have to say thats less than I thought so obviuously very pleased.

Should I not wish to keep the bike, I have to return it along with an admin fee of £20 (does that ring a bell) and the bike will be donated to a local charity.
Bit of a no brainer really.

 

[Wigsie]

If I understand it the final payment is really at the employers discretion as to the 'fair value' of the bike.

£20 is a pretty good deal, count yourself lucky, I have read of some people being asked to pay £350 and up for the bike.

Have not finished mine yet but the last two employee's here to finish the scheme handed over a solitary golden nugget each for their £1,800 Trek MTB's!

 

[yorkshiregoth]

When I got my Condor Tempo using C2W my final payment was £16

 

[addictfreak]

Thats even better, I wonder if its a percentage of what you spend. Having said that every employer seems to differ.

 

[User482]

It's 5% on my scheme - so my bike was £50 for a £1000 voucher.

 

[Black Sheep]

I think some do it as a percentage and others just do it as the admin fee, as the OP shows, its easier for the company to persuade the purchase of the bike as its easier to sort.

most people will assume that its easy to buy a bike for £20 and make a profit on it.