Peloton promises to refund price difference to angry customers who just bought a bike before the much-anticipated $350 price drop

• Peloton is automatically refunding $350 to consumers who recently purchased a bike after the company announced a much-anticipated price drop to its popular stationary bicycle on Tuesday.
• However, frustrated Peloton users are taking to Twitter to complain about the change, including users who narrowly missed the 30-day window for refund eligibility and those who waited weeks for their back-ordered purchases.
• According to a blog post shared on the Peloton website, users can expect to see the funds return to their bank accounts in the next 7-10 business days.
• Individuals who are financing their bike using Affirm will see a reduction to the total balance of their loan "which may reduce the number of payments," Peloton said.

While some cycling enthusiasts rejoiced after Peloton announced a much-anticipated price drop to its wildly popular bike, those who recently shelled out full price — or are otherwise still awaiting their back-ordered purchases — were a bit less joyous.

Peloton confirmed on Tuesday that it will lower the cost of its original stationary bike by $350, bringing the retail price to $1,895, down from $2,245. As part of the price cut, the company said it will automatically refund individuals who purchased a bike within the last 30 days or are still waiting for back-orders as a result of overwhelming demand during the coronavirus outbreak.

According to a blog post shared on the Peloton website, the company will immediately begin refunding the $350 price difference, and users can expect to see the money returned to their bank accounts in the next 7-10 business days.

For Peloton members making monthly payments using Affirm, the refund will reduce the total balance of the loan, "which may reduce the number of payments" while the "standard monthly payment will remain the same," according to Peloton.

Still, Peloton customers took to Twitter on Tuesday to air grievances over the change, including one shopper who was just two days outside of the 30-day window and another who waited for two months to receive her bike earlier in the pandemic.

—Victoria Najjar (@victorianajjar) September 8, 2020

—is it Val or is it Fal? (@its_val_or_fal) September 8, 2020

In the blog post regarding the refunds, Peloton said it will also give users the option to upgrade their existing order to Peloton's new premium offering Bike+, which includes features like a rotating touchscreen and updated sound quality.

Consumers who currently own an original version of the bike are also eligible for a trade-in program in which they can return their bike for a $700 rebate and free yoga and toning accessories.

"Our goal is to be the go-to at-home fitness solution for as many people as possible," John Foley, Peloton CEO and co-founder, said in a statement on Tuesday. "And with these new product launches, we'll be able to offer access to Peloton's best-in-class fitness content at various price points, depending on what consumers are looking for, especially in a world where people are increasingly working out at home,"