[NYPR]

I just traded up to the new bike. I was financing my original bike "Bike1". It turns Peloton will not refund the balance of the loan to the loan maker once they get the bike back in good condition and you are expected to pay off the loan. Meanwhile, Peloton has my Bike 1, which I got in March 2020 and that is in excellent shape, will refurbish it and sell it again for a profit. when I called to find out I was told this term was in fine print on another part of the Trade In page.

If anyone else has this experience, please email me at [email protected]

I have already sent emails to the CEO and Chief Legal officer. Peloton made a great deal of money this year and does not have to pull a stunt like this on their customers.

 

[CTLesq]

I just traded up to the new bike. I was financing my original bike "Bike1". It turns Peloton will not refund the balance of the loan to the loan maker once they get the bike back in good condition and you are expected to pay off the loan. Meanwhile, Peloton has my Bike 1, which I got in March 2020 and that is in excellent shape, will refurbish it and sell it again for a profit. when I called to find out I was told this term was in fine print on another part of the Trade In page.

If anyone else has this experience, please email me at [email protected]

I have already sent emails to the CEO and Chief Legal officer. Peloton made a great deal of money this year and does not have to pull a stunt like this on their customers.

You are correct, they don’t have to. You also don‘t need to upgrade. You entered a financing agreement to purchase not lease the bike. Pay your debts.

 

[NYPR]

You do not need to answer and show your ignorance either. If you think that a billion dollar company should be unjustly enriched and keep the bike and money paid for the bike -- then I have a bridge to sell you.

 

[CTLesq]

You do not need to answer and show your ignorance either. If you think that a billion dollar company should be unjustly enriched and keep the bike and money paid for the bike -- then I have a bridge to sell you.

The difference is I wouldn't buy your bridge (because I don't need it - the one I have works fine, plus I am still paying that one off) without understanding, not the fine print, but the very clearly stated terms in the exchange policies as to what my financial obligations are and would continue to be.

There is nothing ignorant about my position. Candidly, people who can't handle their finances deserve no one's sympathy and should be called out for their inability understand what they owe.

No, I don't have to respond but I am compelled because people like you shouldn't be allowed to get away with pretending anyone owes you anything simply because (and this is the correct term) feel entitled to something.

 

[NYPR]

Get a life -- you are pathetic.

 

[CTLesq]

Get a life -- you are pathetic.

I’m what’s called a responsible adult who doesn’t whine when I make a mistake or flail about emailing people to help me out of a completely voluntary purchase with clearly stated rebate terms.

 

[McPayne]

I just traded up to the new bike. I was financing my original bike "Bike1". It turns Peloton will not refund the balance of the loan to the loan maker once they get the bike back in good condition and you are expected to pay off the loan. Meanwhile, Peloton has my Bike 1, which I got in March 2020 and that is in excellent shape, will refurbish it and sell it again for a profit. when I called to find out I was told this term was in fine print on another part of the Trade In page.

If anyone else has this experience, please email me at [email protected]

I have already sent emails to the CEO and Chief Legal officer. Peloton made a great deal of money this year and does not have to pull a stunt like this on their customers.

 

[McPayne]

I am so confused by this whole topic! Clearly when you purchase a Bike + the “Trade In” option states you will receive a $700 rebate. Did you think Peloton would pay off your loan AND give you an additional $700? For what? For being a loyal customer? You could have sold your bike privately for way more than $700. People, use common sense!

 

[Sultan of Spin]

I just traded up to the new bike. I was financing my original bike "Bike1". It turns Peloton will not refund the balance of the loan to the loan maker once they get the bike back in good condition and you are expected to pay off the loan. Meanwhile, Peloton has my Bike 1, which I got in March 2020 and that is in excellent shape, will refurbish it and sell it again for a profit. when I called to find out I was told this term was in fine print on another part of the Trade In page.

If anyone else has this experience, please email me at [email protected]

I have already sent emails to the CEO and Chief Legal officer. Peloton made a great deal of money this year and does not have to pull a stunt like this on their customers.

You didn't rent the bike. You bought it. Like anything else you take on debt for - such as a car - you don't magically get to not pay off the loan if you trade it in. Peloton is offering a $700 credit against your original bike - roughly 30% of the original value. That isn't a bad deal. I paid for my bike outright. Why should YOU get to not pay the full price for the bike when I already did? How do you think capitalism works?

 

[godio13]

the loan is between you and a third party. Not peloton. It wouldn't be a billion dollar business if it catered to your ridiculous standards. Also, if this was even a thing, then why would ANYone buy the bike in full if they can just pay for a few months and return it for a newer nicer model.