Both banks and the car industry are facing tough times. But the credit crisis also makes room for disruptive partnerships and marketing propositions.

The Spanish bank Banesto, a mid-sized lender controlled by Santander, Spain’s largest bank, is offering its clients Citroën cars or Piaggio motor scooters free of charge in exchange for opening long-term, interest-free deposits. The offer running from September till the end of 2008 is called Sobre Ruedas, which translates as “smooth running”.

The bank does not pay interest on depositors’ capital during the lock-in period of the offer, but is offering to take care of details such as registration and transport to the nearest dealership. Those clients who do take it up pay tax as if the vehicle’s value were interest. The larger the deposit and the longer you leave it, the bigger the prize. To qualify for the vehicle offer, savers must commit between €18,000 and €160,000 locked in for a period of between 24 and 36 months. The top car on offer is a diesel version of the Citroën C4 family car for depositing at least €160,000 over three years, but the bank is also offering the smaller C2 and C3 models.

I can imagine that for some clients a car financed today instead of interest in the future can be an attractive proposition. Of course, the bank is probably getting some kind of bulk discount and doing the financing itself, so won’t be paying interest on its own vehicle loan. In other words, Banesto is making a healthy profit by offering cars instead of interest. But it certainly is an innovative gimmick!