Florida bank offering free Mercedes-Benz with a new $1 million account… kind of

2012 Mercedes-Benz ML-Class

A Florida bank is offering a very interesting incentive for those that open a new account with $1 million to stash away. C1 Bank C1 says 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.

Well, that’s not exactly free. The Mercedes-benz will serve as pre-paid interest on the account, representing an annual percentage yield rate of 1.2 percent over 5 years. That means in order to qualify for the Benz, you will have to put down $1 million and forgo receiving the $12,000 per year they would normally receive as interest for the next 5 years.

If you still opt to make the move, you can pick from a 2012 SLK350 Roadster, 2012 E350 Sedan, 2012 ML350 SUV, and 2012 E350 Convertible.

“Crown Eurocars is extremely excited about this innovative program and are pleased to join C1 Bank in this effort. In doing so, we look forward to this partnership further enhancing both our commitments to serving the Tampa Bay community,” said Larry Casto, General Manager of Crown Eurocars.

Check out the fine print after the jump.

The Fine Print:

C1 Bank’s 60 month Certificate of Deposit (CD) special with a minimum opening and required minimum balance of $1,000,000.00 is valid through July 31, 2012. Offer applicable to traditional certificate of deposit accounts only. Individual Retirement Account certificates of deposit are not eligible for this special offer. This offer is for a limited time and may be withdrawn at any time without notice. This offer is applicable for NEW funds and is available for Consumer deposits only. Offer valid for Florida Residents only, age 18 years or older with a valid Florida driver’s license. Offer is limited to two (2) Mercedes vehicles per household for this promotion. Subject to the terms and conditions of the deposit contract, C1 Bank will pay a pre-calculated interest rate of 1.19% with an annual percentage yield (“APY”) of 1.20% in advance on deposited funds at the completion of account opening. The 1.20% APY is available for new accounts only opened on or before May 31, 2012. For new accounts opened after May 31, 2012 the interest rate and APY will be based on the 60 month interest rate offered in connection with this promotion at the time the account is opened and compounded daily. 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. Client will be responsible for any other fees or charges incurred in connection with purchase. The four (4) promotional models available for purchase are the 2012 SLK350, E350, ML350, or E350 Convertible, subject to dealer availability and with a $59,585.00 MSRP. Client may select vehicle from available inventory designated by Crown Eurocars Incorporated. If Client selects vehicle from other inventory of Crown Eurocars Incorporated, Client will be responsible for the difference between the pre-calculated interest in advance amount and the purchase price of the vehicle and any related increase in taxes, fees and other costs associated with the purchase of the vehicle. Vehicle color and options subject to availability. Vehicle may only be registered in the name of the Primary account owner and cannot be exported to any location outside of the continental United States for a period of 12 months from the date of purchase and delivery. Client will be responsible for Insurance, Warranties, Licenses, and any other fees and costs not covered under the terms and conditions of this promotion. Client is responsible for taking delivery of the vehicle at Crown Eurocars Incorporated located at 6001 34th St N Saint Petersburg, FL 33714. Pre-calculated interest earned and paid in advance on the CD may be subject to applicable State or Federal taxes. C1 Bank will issue a same year (2012) 1099-INT Interest Statement for pre-calculated interest earned. Client should consult and discuss any taxation issues with a tax advisor. FDIC deposit insurance covers the standard deposit insurance amount of $250,000.00 per depositor, per insured bank, for each account ownership category, as provided by applicable law. FDIC Insurance Coverage can be calculated using the FDIC’s online Electronic Deposit Insurance Estimator (EDIE) at: www.fdic.gov/edie. Significant early withdrawal penalties will apply to the certificate of deposit available through this promotion. The principal amount will be reduced by any penalty for the early withdrawal of funds. 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-Benz vehicle purchase from Crown Eurocars Incorporated, including any delivery, tax and costs paid with such interest ($61,294.04). In addition to the early withdrawal penalty, C1 Bank will also deduct an early withdrawal fee of $3,000.00 from the $1,000,000.00 principal amount deposited. The early withdrawal penalty and the early withdrawal fee could reduce the earnings on your certificate of deposit account. Partial withdrawals are not allowed. Once the CD is opened, client agrees to be bound by the terms and conditions of the promotional offer and deposit account agreement during the 60-month term of the CD and even after the account is closed. At maturity of the full term with no exceptions or withdrawals, the client is entitled to receive from C1 Bank the $1,000,000.00 principal amount of deposited funds only. The CD is not auto-renewable.In addition, by accepting the terms and conditions of the promotional offer, the primary account holder forever releases and holds C1 Bank and CBM Florida Holding Company and Crown Eurocars Inc. harmless from any and all liability for any injury, loss or damage of any kind to persons, including death, and property arising in whole or in part, directly or indirectly, from acceptance, possession, use or misuse of the vehicle, or participation in the offer. This promotion and agreement will be governed by the laws of the State of Florida and applicable federal laws and regulations. C1 Bank is not responsible for any incorrect or inaccurate information provided in advertising. C1 Bank reserves the right to cancel or modify this offer at any time without notice. Please visit C1 Bank for full terms and conditions of this limited time promotional offer. Vehicle color is subject to availability.