What is an ownership fee?

An ownership fee is a cost you must pay at the end of your Hire Period if you wish to keep your bike. The fee enables you to retain the bike whilst avoiding any benefit-in-kind liability.

Cyclescheme strongly recommends that all participants that wish to keep their bike and/or accessories packages choose the 'Own it later' option (as it's the cheapest).

There are 3 options to choose from, these are detailed below:

Own it later - You pay a small refundable deposit (either 3% or 7% of your certificate value) and continue to use the equipment for 3 years. No other payments (whatsoever) are required during this time. At the end of the 'Own it later' period, no further action or payment is required if you wish to keep the equipment - we simply retain your deposit and transfer ownership to you. Cyclescheme refunds the deposit if you do not wish to keep the equipment.

Helping hand ✋

Ownership doesn't have to be expensive. Cyclescheme always recommends you choose our 'Own it later' agreement - this ensures fantastic end-to-end savings of up to 42%.

Own it now - Take ownership of your package by paying Cyclescheme the market value (e.g. for a one-year-old package this would be 18% or 25% of the Certificate value in accordance with HMRC requirements).

Return - Return the package to Cyclescheme at your own cost and pay no ownership fee.

Cyclescheme will contact you with your ownership options at the end of your Hire Period. This is usually 12 months from the point you received your Certificate used to collect your bike.

Watch the video:

Helping hand ✋

1. Remember, the cost of Cyclescheme's recommended lowest-cost fee (the 'Own it later' fee) is integrated into Cyclescheme's calculators and is factored into all of the marketing materials used to promote the scheme, so that it is considered from the point of application and will not be a surprise when your Hire Period concludes (usually after 12 months).

2. You can also re-enrol during the 'Own it later' period if you wish.

3. Want to see what the ownership options actually look like? Click here.

4. This page focuses on standard schemes only (schemes without finance costs for example) - use our calculator and your employer code to forecast end-to-end savings.

If you have any questions, don't hesitate to contact us via email: info@cyclescheme.co.uk.

For a personalised savings figure that includes ownership fees, visit our calculator and enter your details.

You can search to see if your workplace is signed up using the search box on Cyclescheme's homepage.

What is an ownership fee?

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