Deposit $1 Mill. and get a Free Benz

[M-17]

Do you happen to have a cool $1 million lying around? If so, you may be interested in opening an account with C1 Bank in Florida (formerly Community Bank). Customers depositing that kind of dough receive a free Mercedes under a special promotion. And it's no base, bare bones C-Class either.

Opening a five-year CD of at least $1 million at the bank will give you the choice of a brand new 2012 SLK350 Roadster, E350 Sedan, ML350 or E350 Cabriolet, all of which come with tags, title, license and taxes paid.

Sound like a pretty sweet deal? Unfortunately, as with all things in this life, there are some restrictions.

Restriction No. 1 is you're only allowed two Mercedes per household.

Number two is that, unlike most CDs, you will cash out at the end of five years for exactly what you put in. As Chris Tutor over at Autoblog points out, basically, you're letting the bank hold you million bucks in return for the $60,000 or so Mercedes you get. Instead of the 1.2% APR normally collected when the CD expires, you get the car up front. The bank is calling this "pre-paid interest."

While it's not as simple as it may seem, if you have a million dollars and are in the market for a Mercedes (and live in Florida), it might not be a bad move.

"In this interest rate environment where the five year CD has an APY of 1.20% it is thrilling to change the game with the instant gratification of a spectacular Mercedes-Benz that our client will own," C1 Bank CEO Trevor Burgess said in a press release.



What ya'll think?

[ichitaka05]

WTF? So instead of getting the interest, you get Benz. I prefer interest over those Benz

[D4ng3r]

Originally Posted by ichitaka05

WTF? So instead of getting the interest, you get Benz. I prefer interest over those Benz

Agreed... considering my stock portfolio is up over 20% in the last 6 months, I would rather invest my own money, thanks.

If I had 1m bucks, I would have 3 Mercedes... and thats just 6 months!

[ZSwierczynski]

You can open the account, take the Benz then sell it at the Dealer then withdraw the $1Million and close the account. Problem Solved.

[M-17]

Originally Posted by ZSwierczynski

You can open the account, take the Benz then sell it at the Dealer then withdraw the $1Million and close the account. Problem Solved.

I was waiting for someone to say that.

But I got a feeling they must have that part covered perhaps.

[ZSwierczynski]

Originally Posted by M-17

I was waiting for someone to say that.

But I got a feeling they must have that part covered perhaps.

yeah, i did some research . If you close the account early, the contract is void. The car will be return to the bank, and you will face fines etc.

[Dadhawk]

Originally Posted by D4ng3r

Agreed... considering my stock portfolio is up over 20% in the last 6 months, I would rather invest my own money, thanks.

If I had 1m bucks, I would have 3 Mercedes... and thats just 6 months!

Yea, who in the heck has $1M and puts it in a <2% CD anyway? You don't get to have $1M discretionary cash by being that conservative with your money.

[86'd]

Originally Posted by M-17

Do you happen to have a cool $1 million lying around? If so, you may be interested in opening an account with C1 Bank in Florida (formerly Community Bank). Customers depositing that kind of dough receive a free Mercedes under a special promotion. And it's no base, bare bones C-Class either.

Opening a five-year CD of at least $1 million at the bank will give you the choice of a brand new 2012 SLK350 Roadster, E350 Sedan, ML350 or E350 Cabriolet, all of which come with tags, title, license and taxes paid.

Sound like a pretty sweet deal? Unfortunately, as with all things in this life, there are some restrictions. . . .

Yeah, like having a million dollars to invest!!

If this was my only million, I'd most likely stagger or "ladder" multiple CDs at 6mo to a year so that they were more liquid. If this was one of many million I'd either keep it in in a 5 year CD with a higher rate though most likely I would invest in stocks and get more on my return like some other posters have stated.

Interest rates are only going to go up, and banks (much like casinos) will always "win" in the end. The banks are hedging their bets and will make more money off of your money. It's almost like a legal Ponzi scheme.

[Dark]

Originally Posted by 86'd

Yeah, like having a million dollars to invest!!

If this was my only million, I'd most likely stagger or "ladder" multiple CDs at 6mo to a year so that they were more liquid. If this was one of many million I'd either keep it in in a 5 year CD with a higher rate though most likely I would invest in stocks and get more on my return like some other posters have stated.

Interest rates are only going to go up, and banks (much like casinos) will always "win" in the end. The banks are hedging their bets and will make more money off of your money. It's almost like a legal Ponzi scheme.

I would even invest in some 5-10 years bonds instead of deposit money in the bank for 1.2 apr.

[Sparkplug]

Terrible idea. Even my crappy mutual funds have been returning about 11.1 percent on average per year over the past few years.

[86WRX]

Anyone want to dig a hole and bury that 1m? Is a joke!

[Giccin]

Pfft... you're better off putting that money into a different fund where your money starts making more money. Similar to stocks but its not.

You gain 6% minimum and you're constantly growing. Bank interest is garbage. Lol

[n2oinferno]

If I had a million bucks and wanted a Mercedes Benz, I'd just go buy a SLS.

[sho220]

I was about to jump on this but you're only allowed two per household. Lame...