"A new offer from C1 Bank, a Florida community bank with assets of $827 million, promises new customers their choice of one offour new Mercedes in exchange for depositing $1 million in a five-year certificate of deposit. "
http://finance.yahoo.com/news/free-mercedes-with-that-bank-account.html
http://www.c1bank.com/mercedes-benz/
Well, as long as we’re being subtle…
Read the fine print, they basically deduct the cost of the car from your future interest.
Obviously, the price of the car is deducted somewhere. I just thought it was interesting that they are packaging a Mercedes with a CD.
I looked closer, and it appears the car is 100% of your interest. Not sure if interest is taxable in FL, but US will certainly want their $21k come tax time.
BTW, not suggesting that you endorse the offer or think it’s a good deal. This could be a good deal for pro athletes who are about to retire though. At least they’ll have $1MM coming to them 5 years after retirement, not many of them have anything at that point.
The bank might not actually expect to sell any of these CDs. It made a lot of free publicity - now many people on the internet know about “C1 Bank” in Florida. So seems like it was quite clever, actually.