LAYAWAY POLICY

 

Applicability: Layaway is available for new bike sales only.  We will accept layaway on used bikes only with owner or manager approval.

Term: Layaway is available for up to ninety (90) days from the date of purchase.  Layaway may be extended for certain extenuating circumstances, but only with prior approval of an owner or manager.

 

Payment Terms:

– Initial Payment: An Initial Payment of twenty percent (20%) of the full value (inclusive of sales tax) of the bicycle must be made at the time or purchase.

Service Charge: Included in the Initial Payment is a Service Charge equal to fifteen percent (15%) of the value of the bicycle.  The Service Charge will only be collected if the customer does not complete the purchase of the bicycle according to the layaway policy and the bicycle is returned to inventory.  In the event a customer does not complete payment, the Service Charge will be deducted from the amount the customer has paid, and all remaining funds will be returned to the customer, as set forth below.

Follow-On Payments: Subsequent payments must be made no later than thirty (30) and sixty (60) days from the date of purchase.  Each payment must be for at least twenty percent (20%) of the full value of the bicycle.

Final Payment: Final payment must be made for the entire outstanding balance owed for the bicycle no later than ninety (90) days from the date of purchase. 

 

Forfeiture and Refund:

– If for any reason a customer chooses to stop making payments on a layaway purchase, or does not make the 30- or 60-day follow-on payments, we reserve the right to return the bicycle to inventory, and refund the customer’s payments, less the Service Charge.

– Payment of the refund amount, less the Service Charge, shall be made in cash or as a refund to the customer’s credit card.

 

Customer Contact:

– Layaway customers should be contacted prior to the 30- and 60-day Follow-On Payment deadlines.

– With each contact, remind the customer of the upcoming payment date, the amount owed (both the total balance and the minimum payment) and the requirement for the Follow-On payment to be made.

– If the customer expresses any hesitation in making payment, give the customer the option to stop payment and to receive a refund of all amounts paid, less the Service Charge.