C1 Bank is offering a free Mercedes-Benz to customers depositing $1 million into a unique five year CD the bank is promoting. Qualifying customers will receive their brand new Mercedes-Benz as pre-paid interest.
Customers can choose from the SLK350 Roadster (shown above, E350 Sedan, ML350 SUV and E350 Convertible. Each model has a base sticker price around $55,000.
The unique CD offers a 1.20% APY, yielding pre-calculated interest that would amount to a $61,294 advance payment. C1 Bank is only allowing the prepaid interest to be used towards a purchase of a new Mercedes with an MSRP of $59,585. They are throwing in all the taxes and license fees (worth nearly $5K, and knocking $3K off the package, so it basically works out.
The Fine Print:
- Offer valid through July 31, 2012.
- Only applicable for new funds.
- Consumer deposits only.
- Florida residents only.
- Offer is limited to two Mercedes vehicles per household.
- In the event of early withdrawal, C1 Bank will deduct $61,294.04 and a $3,000 penalty from the $1 million principal.
<img src="http://thefinancialbrand.com/wp-content/uploads/tfb/kd_2012_may.
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