Get a free Mercedes-Benz with this purchase

A bank in the United States is giving away a free Mercedes-Benz when a 5 year Credit Default worth $1 million is purchased. The C1 Bank based in Tampa, Florida is giving the car away in manner of replacing the interest that the customer would earn. The announcement was made by Trevor Burgess, the CEO of the Bank.

Mercedes-Benz models on offer

That exact amount equals to $61,294.04. The Mercedes-Benz’s to be given away in question includes the SLK 350, the E350 Saloon, the ML 350 or even the E350 convertible.

Not as easy as that

For those who think they’ll be able to grab a free Mercedes-Benz and run off, it’s as easy as that. Those who try and end their agreement early after signing up will face a $3,000 fine and will to pay the vehicle’s worth.

Promotion details

The promotion has been brought about in order to celebrate the bank’s name change from the Community Bank to the C1 Bank. The deal is set to end at the end of July throughout the bank’s 18 branches. The deal only extends to Residents of Florida only however, so anyone who lives outside of the state will not be offered a chance to take up the deal. Only two Mercedes-Benz’s per household will be allowed.

Is the deal as good as it sounds?

Some may not warm to the deal. As soon as a brand new car is purchased, it loses it’s value after it is driven away from the showroom. Some may just prefer the money built from the interest rather than the Mercedes-Benz, despite the car’s being some of the most desirable across the United States.

How the interest rate breaks down

The interest rate works out to be $12,000 per year with the rate standing at 1.20 per cent. In total over the 5 years $60,000 will be paid out. The value of the Mercedes-Benz is $61,294 as mentioned earlier. It would appear that the deal would not be favourable to all in that sense. A few has described the offer as slightly too “gimmicky”

Not many residents of Florida would be able to afford a $1 million CD, if they did then they would probably have the funds the purchase the Mercedes-Benz in question themselves. Will the idea actually take off?

 

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