Ok, here's some real irony...
For fun, I actually sat on the exercycle (with seat attached - I'm no nun) and... it's broken.
I'm guessing that I did something to it when I moved it to my house like knocking the belt off the wheel inside the machine. Looks like I'll have to remove about 4,326 screws to take the housing off for a look-see. No time today, maybe next week?