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I remember speaking to the person who runs our scheme about this - if the company wants to run it as a hire scheme, then fine - they will end up with an increasing stock of bikes after they have been used for a year. Oddly enough, my place didn't , hence a small charge at the end to transfer ownership. Co-incidentally, if you don't want the bike after a year, and relinquish the hire, there is a "transaction fee", which is the same as the purchase price.
So on the one hand you have a push from the company which doesn't want to open up a secondary line in used bike sales, and a pull from the employee who wants the bike, so surely everyone's happy? Apart from, it appears, your finance guy.
BTW my brother tried to get his through at his company but got mired in finance messing around.
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Ah yes seem to remember a receipt was needed - the point was that you could buy e.g. panniers, bags, mudguards etc. on the scheme. And also sale bikes - if you go into evans and do the scheme through them they'll only let you do it on full price bikes. I think it's also a risk that to an extent manages itself- e.g. if you want to go into Evans and spend £500 on clothing chances are you won't be riding a unipack...
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My two pence worth - I work for a large consulting firm (c. 3,000 people) and have bought two bikes with this scheme. It's a pretty risk averse organisation so I agree with the "retard" assessment. The scheme we do means I apply for a cheque that is then sent to me payable to a bike shop, which means you can get anything you want. There may be something around the max value (ours is £1,000 - something to do with consumer credit act), but you can still get something pretty good for that, no? And even a grand bike is only c. 75 quid a month - genius.
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Poplar thread