Monday, April 30, 2012 - 5:22 PM

C1 Bank Clients Who Deposit $1 Million To Receive A New Mercedes-Benz With Launch Of Revolutionary CD Product

Community Bank of Manatee (0 stars) - Details

Tampa Bay Buccaneers Pewter Partners, C1 Bank and Mercedes-Benz dealer, Crown Eurocars unite to offer what is quite possibly the most powerful banking product ever

TAMPA, Fla., April 26, 2012 /PRNewswire/ -- Trevor Burgess, CEO of Community Bank announced today that, in conjunction with its name change to C1 Bank on May 1st and in partnership with Crown Eurocars, it will be offering a new five year $1,000,000 CD product where the client will receive a brand new Mercedes-Benz from Crown Eurocars as pre-paid interest.

http://www.bizjournals.com/prnewswire/press_releases/2012/04/26/FL96163

Shorebreak1,313 posts since
Apr 6, 2010
Rep Points: 4,952

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This post applies to the following states: FL.

Quick
Summary

1. Monday, April 30, 2012 - 6:49 PM

So what is their early withdrawal penalty - do they come find your MB and strip it of its emblem?

pearlbrown1,030 posts since
Nov 2, 2010
Rep Points: 3,962

2. Monday, April 30, 2012 - 8:12 PM

I'm sure it's in the fine print in the disclosure notice. Repo probably.

Shorebreak1,313 posts since
Apr 6, 2010
Rep Points: 4,952

3. Tuesday, May 1, 2012 - 4:46 AM

It's an interesting promotion from a marketing point of view. Unfortunately, it's not a good deal for customers who actually have that much money.

I found where they're advertising the promotion on their website. Here is some of the important small print (emphasis is mine):

The pre-calculated interest in advance amount $61,294.00 based on the 1.20% APY available through May 31, 2012 can only be used towards the purchase of one of four (4) specific Mercedes Benz vehicle models from Crown Eurocars Inc. with a MSRP of $59,585.00 and includes $3,488.34 sales tax, $687.70 delivery fee, $2.50 Florida Lemon Law fee, $6.50 Florida tire and battery fee, $500.00 registration/tag and $24.00 electronic filing fee with a total purchase price, net of $3,000.00 discount, of $61,294.04.

[....]

In the event of early withdrawal, C1 Bank will deduct from the $1,000,000.00 principal amount deposited the amount of the pre-calculated, pre-paid interest paid in advance and specifically used for a Mercedes vehicle purchase

KenBDG5,153 posts since
Nov 29, 2009
Rep Points: 117,127

4. Thursday, May 3, 2012 - 1:31 PM

This is proving to be a great marketing gimmick for the bank. An article about this offer was just published at Smart Money and Yahoo Finance.

finance.yahoo.com/news/free-mercedes-with-that-bank-account.html

KenBDG5,153 posts since
Nov 29, 2009
Rep Points: 117,127