What happens at the end of the 'Own it later' agreement?

At the end of your 'Own it later' Agreement, Cyclescheme will contact you and ask if you would like to keep your Cyclescheme package and become the legal owner. If you do wish to keep it (nearly everyone does), Cyclescheme will retain the 3% or 7% deposit (you have already paid) and no further payment or action will be required. At this point, you will now own the bike and/or accessories 😀.