Mapping 'spread payment'

Hi all,

I got the question if it would be possible to add a new option to cyclofix, namely if a bicycle shop accepts ‘payment by installment’ (thus that the bike is not payed when bought, but with monthly payments until the entire sum is payed).

  • Is this fitting for OpenStreetMap? I’m having conflicted feelings about the “verifiability”-requirement - even though it can be verified by asking the owners.
  • If so, is there an appropriate tag for this already? Or any ideas to do this? Maybe payment:installments=yes?

Your tag suggestion is probably the clearest tag I could imagine for this.
As for variability: I think i’ve seen bike stores advertise on their window that they do leasing atleast, but that would be payment:lease=yes I suppose. Wouldn’t be surprised if there was also bike stores with stickers of installment paying systems on store fronts

The English term is hire-purchace. It is fairly standard where high value items are sold so probably not something most of us would consider tagging as any business selling expensive items has to in order to remain competitive.

It is obviously standard for car dealerships and places selling TVs and computers.

It is obviously standard for car dealerships and places selling TVs and computers.

It might be in your region for these classes of products, but the question is specifically for bicycle shops where some of them might offer this and others are not.

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That should obviously have read hire purchase, but the point is the
same credit rules apply whether you are buying a bike, a TV or a car.
You still need to be checked to ensure you can afford the payments and
that the shop knows where to come to take the bike away if you don’t
keep up payments.

In the vast majority of cases the shop is not actually providing the credit, e.g., Evan’s Cycles:

Evans Cycles Limited is a credit broker and not a lender and only offers products from Secure Trust Bank PLC, trading as V12 Retail Finance. (These products are unregulated and therefore the FCA’s DISP rulebook and the Financial Ombudsman Service do not apply).

This is true of car dealers (either through the finance arm of the marque for new cars, or through specialist finance firms for second-hand cars) too. I presume the actual lender actual becomes owner of the goods, and the shop is paid by them at the time (presumably at a discount when the interest rate is 0%). The lender likely checks credit status with one of the big agencies (Equifax, Experian, etc.)

At least in the UK, the purchaser does not own the product until the final installment is paid. Until then it belongs to the lender, and, for instance, selling it is a criminal offence. If tagged it should be clear that this is not a regular payment in jurisdictions such as the UK.