What happens at the end of the Cycle2Work hire period?
When your hire period is coming to an end, the Cycle2Work team will contact your employees via email and present the three post-hire period options below for them to choose from.
Zero Cost Extended Hire: This allows your employees to opt into an extended rental agreement at NO additional cost. Their hire agreement is extended but they won't have anything else to pay. At the end of the extended hire agreement (usually 4-5 years), the ownership will be automatically transferred to them.
Take Immediate Ownership: This allows your employees to pay the HMRC Fair Market Value (usually 18% or 25% of the original value) and then the bike is theirs.
Return the goods to any Halfords store: Your employees also have the option to return the bike to any Halfords store at the end of the initial hire term.
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