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In terms of buying the bike at the end of the extended use period, you actually pay that at the start of the period (i.e. after one year) and it's held over until the end. So at the end of year 1 you pay the 7% of value (assuming it's worth over £500) and nothing at the end of year 4.
That's just common sense. It's a lot easier to get the money up front (and earn interest on that money) than it is to chase people for money at the end of the 4 years when they could have moved on (from their employers) and moved physical/email addresses and not kept Cyclescheme up to date. If no contact can be made then Cyclescheme can just assume the person wanted to buy the bike and they've already got their money.
Greenbank
Could be.
In terms of buying the bike at the end of the extended use period, you actually pay that at the start of the period (i.e. after one year) and it's held over until the end. So at the end of year 1 you pay the 7% of value (assuming it's worth over £500) and nothing at the end of year 4.