Opening a five-year CD of at least $1 million at the bank will give you the choice of a brand new 2012 SLK350 Roadster, E350 Sedan, ML350 or E350 Cabriolet, all of which come with tags, title, license and taxes paid.
Sound like a pretty sweet deal? Unfortunately, as with all things in this life, there are some restrictions.
Restriction No. 1 is you're only allowed two Mercedes per household.
Number two is that, unlike most CDs, you will cash out at the end of five years for exactly what you put in. As Chris Tutor over at Autoblog points out, basically, you're letting the bank hold you million bucks in return for the $60,000 or so Mercedes you get. Instead of the 1.2% APR normally collected when the CD expires, you get the car up front. The bank is calling this "pre-paid interest."
While it's not as simple as it may seem, if you have a million dollars and are in the market for a Mercedes (and live in Florida), it might not be a bad move.
"In this interest rate environment where the five year CD has an APY of 1.20% it is thrilling to change the game with the instant gratification of a spectacular Mercedes-Benz that our client will own," C1 Bank CEO Trevor Burgess said in a press release.