Is this legal? Rockhopper

[3pms]

I thought the employer owned the bike not the employee. Not sure about the legal bit but its cheap for now. http://www.ebay.co.uk/itm/Specialized-R ... 4897.l4275

 

[dmdmdm]

Re:

I'm guessing the legality lies with the employer...but I think the credit will roll over to the new owner, like when you buy a cheap car and start receiving late payment letters....

Risky business

 

[Harryburgundy]

Re:

Ownership is with the employer or the finance company the employer has used, if they have.

 

[mattr]

The bigger problem is when the employer asks for the final payment, which is massive. And he's got no option but to either extend the finance, or pay the lump sum.

Not even got the option to give the bike back.

 

[Rampage]

The bigger problem is when the employer asks for the final payment, which is massive. And he's got no option but to either extend the finance, or pay the lump sum.

Not even got the option to give the bike back.

I've just checked this as when we looked at it a few years back this wasn't the case.

You appear to be right, the agreement was changed and people are paying quite a large final sum!

On this thread a couple of people have said that they are only saving around £30-40 on a £600-700 bike!

http://forums.moneysavingexpert.com/sho ... ?t=4376887

 

[coomber]

Final payment amounts have increased definately.

But the better option is to extend the rent for a peppercorn amounts for another 24 months or so in which case the final payment later is a lot less.

Have a look here:

http://easterbrookeaton.blogspot.co.uk/ ... m=facebook

 

[coomber]

Buying a bike used like this... well its not his to sell so that's dodgy to say the least. Not sure how he benefits long run.

 

[s_zigmond]

Re:

I asked the question what will happen at the end of the 12 months.

"Hi I'm self employed this is not an issue many thanks"

I didn't think you could participate if self employed??

 

[Bullpup]

I was told you can't.

 

[mattr]

Depends how you structure the company "self employed" is a simple way to describe a great many different corporate/company/sole trader organisations.