Cycle to work - getting another bike a couple of years on..

[the reluctant cyclist]

Has anybody done this?

I got my bike a couple of years ago through Booost but they are no longer trading.

I have signed up with cyclescheme but my employer says that they need to work out who "owns" my bike now as they are not allowed to run two schemes together.

I thought that effectively my company bought the bike for me and then I paid them back through salary sacrifice. When I have made all the payments is the bike mine or still theirs?

If it is theirs can they not sell it to me for a nominal amount?

 

[g00se]

With current schemes, thy effectively lease it to you and at the end of the lease period, you pay a nominal amount (it's current value supposedly).

If you're still paying the installments - and it gets nicked or you leave the company, you have to pay up on the remaining amount AFTER tax/NI and the value at that point.

If Booost was the same, and you no longer pay the deductions, they I would think they can sell it to you.

 

[Soltydog]

I've bought 2 through our scheme at work, although you do have to wait for one scheme to end & finish all payments before starting another

 

[Virtual DBP]

i bought my bike through cycle to work scheme and at the end of the scheme i paid a nominal £25 or something like that to transfer ownership to me.

 

[skwerl]

just because your payments have finished doesn't mean the lease period has. My scheme runs on a 3 year lease but the paymets are taken over the first 12 months. It's only after 36 months that i can get my next bike.
If the lease period has expired but you haven't sorted the ownership that shouldn't preclude starting a new lease

 

[the reluctant cyclist]

Thanks for all your replies - looks like I will have to "buy it" from them.

Now lets see what the tight wads say I have to pay!!!

 

[skwerl]

Thanks for all your replies - looks like I will have to "buy it" from them.

Now lets see what the tight wads say I have to pay!!!

My first lease expired in March. I immediately got another bike and asked HR about taking ownership of the first one. That's 5 months now and no response, ergo bike is mine

 

[addictfreak]

During the course of the agreement (usually 12 months) the bike belongs to the company. When your agreement is coming to an end your company should inform you of the final payment date, and offer you the chance to purchase the bike or return it.
In my case the cost of buying is £20, and the cost (admin fee) of returning it is also £20.

 

[Downward]

Just ordering my 2nd tmoz. Not heard off anyone about payment for my 1st though so technically I don't yet own it.