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A cowboy from Texas walked into a bank in New York City and asked for the loan officer. He told the loan officer that he was going home to Texas for two weeks and needed to borrow $5,000 and that he was not a depositor of the bank.
The bank officer told him that the bank would need some form of security for the loan, so the cowboy handed over the keys to a brand new Ford F-250 King Ranch. The truck was parked on the street in front of the bank. The old cowboy produced the title and everything checked out.
The loan officer agreed to hold the car as collateral for the loan and apologized for having to charge 12% interest.
Later, the bank's president and its officers all enjoyed a good laugh at the cowboy from the south for using a $85,000 pickup truck as collateral for a $5,000 loan. An employee of the bank then drove the truck into the bank's private underground garage and safely parked it.
Two weeks later, the old cowboy returned, repaid the $5,000 and the interest of $23.07, and took the keys to his truck.
The loan officer said, "Sir, we are very happy to have had your business, and this transaction has worked out very nicely, but we are a little puzzled. While you were away, we checked you out on Dunn & Bradstreet and found that you are a Distinguished Alumnus From Texas A&M, a highly-sophisticated investor and a multi-millionaire with real estate and financial interests all over the world. What puzzles us is why would you bother to borrow $5,000?"
The good 'ole Texan replied, "Where else in New York City can I park my truck for two weeks for only $23.07 and expect it to be there when I return?"
The bank officer told him that the bank would need some form of security for the loan, so the cowboy handed over the keys to a brand new Ford F-250 King Ranch. The truck was parked on the street in front of the bank. The old cowboy produced the title and everything checked out.
The loan officer agreed to hold the car as collateral for the loan and apologized for having to charge 12% interest.
Later, the bank's president and its officers all enjoyed a good laugh at the cowboy from the south for using a $85,000 pickup truck as collateral for a $5,000 loan. An employee of the bank then drove the truck into the bank's private underground garage and safely parked it.
Two weeks later, the old cowboy returned, repaid the $5,000 and the interest of $23.07, and took the keys to his truck.
The loan officer said, "Sir, we are very happy to have had your business, and this transaction has worked out very nicely, but we are a little puzzled. While you were away, we checked you out on Dunn & Bradstreet and found that you are a Distinguished Alumnus From Texas A&M, a highly-sophisticated investor and a multi-millionaire with real estate and financial interests all over the world. What puzzles us is why would you bother to borrow $5,000?"
The good 'ole Texan replied, "Where else in New York City can I park my truck for two weeks for only $23.07 and expect it to be there when I return?"
