A 2012 Mercedes-Benz will be given as up-front interest payment to any C1 Bank customer who takes out a five-year, $1 million certificate of deposit. C1 Bank, which is based in Florida, just had a recent name change from previously being known as Community Bank. Of course, the customer has to abide by several rules before qualifying to be one of the recipients of the Mercedes.
The Mercedes models that are available to the customers are a 2012 Mercedes SLK350, E350 sedan, ML350, or E350 convertible with a list price of $59,585 (which includes destination and other fees).
According to the bank, its predicted interest rate of 1.20% is equivalent to about $61,294 in interest over the course of the CD. This more than covers the price of the new Mercedes. But the equivalent value of car payments will be reported as taxable income. The customers would also have to maintain a minimum balance of $1 million for the entire five year period of the CD.
There are many criteria that the customers have to weigh before they sign up for this unique offer. But what’s great is that customers won’t have to wait until the CD ends after five years since they can enjoy the financial benefit instantly (with the new Mercedes).
C1 Bank also wanted to emphasize that the brand-new Mercedes given at the outset of the financial deal comes alongside relatively low interest rates even for five-year CDs.