How To Get A Refund On A Peloton Bike Amid The Bike+ Launch

Peleton (PTON) has decreased the price of its Bike by 15%, but the company didn’t forget about its current customers and is offering them a price break too.

Peloton said on its website that customers who are still within the 30-day home trial window or are still awaiting delivery of their Bikes are eligible for an automatic $350 refund, plus tax back. The announcement comes following a price decrease on its original Peleton Bike and the launch of Peleton Bike+, a device that complements its indoor cycling classes with its strength, yoga, stretching, and meditation courses.

Refunds will appear on the original form of payment within seven to 10 business days. For Peloton members that financed their purchase, their total loan balance will be reduced as well as the number of payments or final payment amount. Standard monthly payments will remain the same, the company said.

Peloton’s new Bike + comes with a $2,495 price tag and is available in the U.S., U.K., Canada, and Germany starting on Wednesday. The original Bike from Peloton now costs $1,895 and comes with a 30-day home trial. Peloton is also offering 0% APR financing on the Bike, which starts at $49 per month for 39 months.

For customers that would rather purchase the new Bike+, they can return their Bike by contacting member support for additional details. Additional costs and waiting times may be incurred for the Bike+.

U.S. Peloton owners can also trade-in Bikes that are in “working condition” to receive a $700 rebate and free yoga & toning accessories set. Pick up of the used Bike is included as part of the trade-in program.

Peloton also launched a treadmill called the Tread, which costs $2,495 and is coming out in early 2021 to the U.S. and Canada and to the U.K. in on Dec. 26. The price of the original Peloton Tread will remain at $4,295, the company said.

Shares of Peloton were trading at $89.82 as of 2:18 p.m. EDT on Tuesday, up $9.19 or 11.40%.