The Mercedes-Benz E350 Cabriolet. Image: Mercedes-Benz
The idea of luring new customers to a bank via prizes is nothing new. Over the years, we’ve racked up toasters, flashlights and other swag, and even remember a bank in Boulder, Colorado offering up hunting rifles with a (sizable) new account. Not to be out-done, a bank in Tampa, Florida is now offering new depositors their choice of 2012 models from Mercedes-Benz, including the 2012 SLK350 roadster, the 2012 E350 sedan, the 2012 ML350 crossover or the 2012 E350 convertible.
As you’d guess, there’s fine print aplenty. First, you need to deposit the sum of $1 million into C1 Bank’s five-year CD product. Next, the car is in lieu of the 1.2 percent interest you’d otherwise be paid, which would work out to be $61,835.48 after five years. In essence, the bank isn’t giving you anything; instead, you’re simply buying a Mercedes-Benz with no cash out of pocket.
Terminate the agreement early by pulling out your cash, and you’re responsible for a $3,000 penalty plus the cost of the Mercedes-Benz.
We’re not sure how attractive this would be to anyone who has $1 million to spare, because from where we sit it isn’t such a good deal. At the end of five years, you have your million dollars in the bank, plus a five-year-old car in the driveway that may be worth $30k or so. We’re not financial advisors, but it seems to us that earning interest and leasing a new Benz every 24 months is a better way to go.
Kurt Ernst has been passionate about automobiles and driving nearly his entire life. His early years were shaped working in the family service station, though his real passion was auto racing. After graduating from the University of Colorado, Kurt spent a year club racing with the Sports Car Club of America, before focusing on a business career in marketing and project management. Later, his passion for writing and the automotive hobby found him freelancing for a variety of automotive news sites, including Automotive Addicts and Motor Authority, where his work was syndicated and appeared in several national publications. Recognized as an expert in the automotive field, Kurt joined Hemmings Motor News as an Associate Editor in 2013, and in the years since has progressed to Editor, Hemmings Daily; Managing Editor for Hemmings Motor News, Hemmings Classic Car, Hemmings Muscle Machines, and the Hemmings Daily; and now, Managing Editor, Hemmings Auctions. Kurt was instrumental in organizing the Hemmings Motor News Concours d’Elegance from 2013-2019, and has served as a judge at this event and The Vintage Racing Stable Concours d’Elegance. A Skip Barber Racing School graduate and prolific writer, Ernst is also skilled in copyediting, project management, brand development, and public relations.
