• Go to page :
  • 1 23
  • Text Only
Voting History
rated:
Free Mercedes-Benz when you open a $1M 5yr CD (1.2% APY)

Cars to choose from:
2012 SLK350
2012 E350
2012 ML350 SUV
2012 E350 Convertible

Member Summary
Most Recent Posts
In for one if they also pay for gas for the period of CD

dontcare4myname (May. 02, 2012 @ 8:14p) |

for 5 years, I rather buy i-bonds

Barabas (May. 03, 2012 @ 4:05a) |

A local bank where I have some CDs is still offering 2.5% on 5 year CDs. Could put a million there and get $125k, but wo... (more)

RS4Rings (May. 03, 2012 @ 6:07a) |

  • Also categorized in:
Thanks for visiting FatWallet.com. Join for free to remove this ad.

in for 2!

only for those with $1M and cannot find anything to invest on that yields more than 1.2%...

TERMS: Offer is limited to two (2) Mercedes vehicles per household for this promotion.

FDIC will cover you up to $250,000. Good luck with the remaining $750,000 if the bank goes under.

Offer only available for Florida residents kills the deal ... I'm out.

From the fine print (underlining mine), it seems like you are not getting a free Mercedes and 1.2% interest on the CD. Essentially, they pre-pay the interest, as long as you use it towards a purchase of a Mercedes.

Edit: Included full fine print and underlined other important pieces of it. This is simply 1.2% APY, prepaid towards a Mercedes purchase. Good marketing I should say. But definitely not FWF worthy!

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 This offer is for a limited time and may be withdrawn at any time without notice.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 colorand 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 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.

I doubt many with that much to invest will want a lousy
deal like that.

And with a garage full of exotic cars what's another
run of the mill Mercedes?

No SLS AMG? I'm out

Figure you get a 60k car, divide by 5 and is about 12k/year plus the 1.2% on a million per year is about 12k. So you are talking about 2.4%. I think the penfed 7 year 2.5% is a better deal. Now if was a one year cd then maybe.

RS4Rings said:   No SLS AMG? I'm out
4 years interest from those penfed 5% cd would be enough to buy the SLS

bigtimesaver3652 said:   Figure you get a 60k car, divide by 5 and is about 12k/year plus the 1.2% on a million per year is about 12k. So you are talking about 2.4%. I think the penfed 7 year 2.5% is a better deal. Now if was a one year cd then maybe.
Unless I misread the fine print, you not getting 60k car AND 1.2% interest. You get the 1.2% interest prepaid, as long as you apply that to the 60k car.

Wow - no one has asked if they will issue a 1099 yet.

BrlDsguise said:   Wow - no one has asked if they will issue a 1099 yet.

Oh, you can be sure you'll get a 1099 with tax due
the same year.

Please be advised that if you decide to withdraw your $ from the CD, you will be required to give up either 3mo interest or the rims, wheels and cd/sat radio, whichever is worth more.

BrlDsguise said:   Wow - no one has asked if they will issue a 1099 yet.
Bank (pre)pays interest on a CD. 1099 should be obvious.

There's also the imputed interest on the 60k, since they are prepaying. Assuming 2% and 5 years, that's $7,674. One should also make sure the price of $61294.04 is reasonable for the vehicle. Or 1.32% all in all, ignoring tax.

uutxs said:   BrlDsguise said:   Wow - no one has asked if they will issue a 1099 yet.
Bank (pre)pays interest on a CD. 1099 should be obvious.
and also spelled out in the fine print. had to zoom in twice though.

LongDongSilver said:   FDIC will cover you up to $250,000. Good luck with the remaining $750,000 if the bank goes under.This is actually a non-issue, as it's very easy to set up your accounts in a way that gets FDIC insurance for the entire $1MM (joint and POD accounts). The FDIC even has a handy online calculator to help you.

uutxs said:   bigtimesaver3652 said:   Figure you get a 60k car, divide by 5 and is about 12k/year plus the 1.2% on a million per year is about 12k. So you are talking about 2.4%. I think the penfed 7 year 2.5% is a better deal. Now if was a one year cd then maybe.
Unless I misread the fine print, you not getting 60k car AND 1.2% interest. You get the 1.2% interest prepaid, as long as you apply that to the 60k car.
That's the way that I am reading it as well. It's kind of a strange offer. Why would you invest any amount of money at 1.2% for 5 years (the fact that interest is prepaid up front doesn't affect the effective yield all that much) and be forced to use that interest towards a car purchase?

Even if it was 1.2% AND a Mercedes over a 5 year period, that would only make it a warm offer, as you can get 5 year CD yields in the low-mid 2% range right now.

LawDawgAtl said:   LongDongSilver said:   FDIC will cover you up to $250,000. Good luck with the remaining $750,000 if the bank goes under.This is actually a non-issue, as it's very easy to set up your accounts in a way that gets FDIC insurance for the entire $1MM (joint and POD accounts). The FDIC even has a handy online calculator to help you.

How does that work when they require you to open a single account for $1mm for the promotion? Not that it matters because even if this was appealing, you would be much better off putting $940k in CDs elsewhere earning 2% and paying cash for the car.

awstick said:   LawDawgAtl said:   LongDongSilver said:   FDIC will cover you up to $250,000. Good luck with the remaining $750,000 if the bank goes under.This is actually a non-issue, as it's very easy to set up your accounts in a way that gets FDIC insurance for the entire $1MM (joint and POD accounts). The FDIC even has a handy online calculator to help you.

How does that work when they require you to open a single account for $1mm for the promotion? Not that it matters, since you even if this was appealing you would be much better off putting $940k in CDs elsewhere earning 2% and paying cash for the car.
If they really do insist on 1 CD and refuse to combine several CD's together, you'd need a joint CD with 4 people on it (such as 2 adults and 2 kids).

What this "deal" really is: open a 5 year CD with 1MM at 0% interest and get a free mercedes. And pay tax on it.

LawDawgAtl said:   If they really do insist on 1 CD and refuse to combine several CD's together, you'd need a joint CD with 6 people on it (such as 2 adults and 4 kids).
All you need is two adults (joint account holder) and two beneficiaries (two kids) to be fully insured on 1 million deposit.

uutxs said:   LawDawgAtl said:   If they really do insist on 1 CD and refuse to combine several CD's together, you'd need a joint CD with 6 people on it (such as 2 adults and 4 kids).
All you need is two adults (joint account holder) and two beneficiaries (two kids) to be fully insured on 1 million deposit.
You mean a POD account, not a joint account, right? I've never seen a joint account that allows you to name beneficiaries.

in for 4!

"Please don't call"


timts said:   only for those with $1M and cannot find anything to invest on that yields more than 1.2%...If this was 1.2% for 5 years AND a $60K Mercedes, they would probably have quite a few applicants. As I pointed out above, this would make it a decent offer (not a great one but definitely decent), especially if you were planning on buying one of these cars anyway. The offer actually states that you can buy any car from that dealer as long as you pay the difference.

If you've got cash sitting on the sidelines right now that you cannot invest in anything risky, it wouldn't be easy to beat such an offer (provided that you wanted of these cars anyway). It's sad that we have to settle for such pathetic yields.

Anyone going for this deal does not deserve million dollars in the first place.

Better deal will be 2 chicks at the same time.

LawDawgAtl said:   uutxs said:   LawDawgAtl said:   If they really do insist on 1 CD and refuse to combine several CD's together, you'd need a joint CD with 6 people on it (such as 2 adults and 4 kids).
All you need is two adults (joint account holder) and two beneficiaries (two kids) to be fully insured on 1 million deposit.
You mean a POD account, not a joint account, right? I've never seen a joint account that allows you to name beneficiaries.


A joint account can be a POD account... it's a pretty standard way of doing things. The POD just doesn't come into play until both joint account holders have died. At the bank I am employed we can do any type of account joint with beneficiaries except for IRA's.

No rims, no deal!

How much do I have to pay if I break the 5 year term? I guess I have to pay more than $61k.

DOOMI said:   LawDawgAtl said:   uutxs said:   LawDawgAtl said:   If they really do insist on 1 CD and refuse to combine several CD's together, you'd need a joint CD with 6 people on it (such as 2 adults and 4 kids).
All you need is two adults (joint account holder) and two beneficiaries (two kids) to be fully insured on 1 million deposit.
You mean a POD account, not a joint account, right? I've never seen a joint account that allows you to name beneficiaries.


A joint account can be a POD account... it's a pretty standard way of doing things. The POD just doesn't come into play until both joint account holders have died. At the bank I am employed we can do any type of account joint with beneficiaries except for IRA's.
I did not know that, thanks! It has been a while since I've looked into it, but when I previously contacted several banks, I was told that I could either open a joint account, with as many joint account holders as I wish, or a POD account, but could not combine the two features on the same account.

LOL, with $1 Million cash, I can turn it into a nicer Mercedes every year, say a conservative 7% return

"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 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."

lazybummm said:   LOL, with $1 Million cash, I can turn it into a nicer Mercedes every year, say a conservative 7% returnReally? A 7% interest? Do tell.

lazybummm said:   LOL, with $1 Million cash, I can turn it into a nicer Mercedes every year, say a conservative 7% return

If you could guarantee a "conservative" 7% return without volatility(as it sounds like you are saying), you should probably start your own hedge fund and drive ferraris instead of mercedes. And you know there is this thing called taxes right?

Wonder if they will allow the prepaid interest to be applied towards a used Crown Vic. Could get 20 or more of them!

Is Bernie yanking you guys around, again?

Where is the penfed 100k CD get a free Crown V offer? But honestly anyone with a million sitting who does something dumb like this with it ha ha ha.

Skipping 48 Messages...
user0001 said:   At 2% you could take out a $905k CD and have $1M after 5 years... and have $95k to spend on any car now.
A local bank where I have some CDs is still offering 2.5% on 5 year CDs. Could put a million there and get $125k, but would still not be enough for what I'm in the process of ordering



Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.

Thanks for visiting FatWallet.com. Join for free to remove this ad.

TRUSTe online privacy certification

While FatWallet makes every effort to post correct information, offers are subject to change without notice.
Some exclusions may apply based upon merchant policies.
© 1999-2014