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Buying/selling a bike that was obtained though cycle to work scheme

by urzrkymn
Wed, Jul 08, 2015 14:48
4

I was wondering if there is anything be aware of when buying a second hand bike that the seller has acquired through the cycle to work scheme. Is the bike theirs to sell if they haven't yet finished repayments? If they miss repayment might somebody want to recover the bike? Buying a car with finance remaining on it is to be avoided so I was wondering if it was the same for this.

Thanks.

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4 comments

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neoito | 9 years ago
0 likes

Within the first 12 months (at least, different schemes.and employers differ after that) the bike is not theirs to sell as it remains property of the employer.

I'd definitely steer clear.

Avatar
wycombewheeler | 9 years ago
0 likes

The bike is the property of the employer for the first 12 months, the employer is under no obligation to transfer ownership to employee after that time.

I would not buy a bike from someone in the first 12 months of a c2w scheme.

Avatar
Leodis | 9 years ago
0 likes

CS is not finance and its just a admin process imho. They cannot miss a payment as it comes directly out of the employees wages, if said employee is leaving the job the business will deduct the remaining sum plus tax and NI from their final wage.

I sold a couple, once on the extended loan and the other after 3 months and paid it off and broke even. Lots of people who could only use Halfrauds used to buy a bike and flog them on to use the cash to buy what they want.

Avatar
Leodis | 9 years ago
0 likes

CS is not finance and its just a admin process imho. They cannot miss a payment as it comes directly out of the employees wages, if said employee is leaving the job the business will deduct the remaining sum plus tax and NI from their final wage.

I sold a couple, once on the extended loan and the other after 3 months and paid it off and broke even. Lots of people who could only use Halfrauds used to buy a bike and flog them on to use the cash to buy what they want.

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