Don walked into a bank in New York City and asked for the loan officer. He explained how he was going to Europe on business for two weeks and needed to borrow $5000.
The bank officer told him that they would need some kind of security for such a loan, so Don handed over the keys to his new Rolls Royce, parked on the street, in front of the bank.
Everything checked out, and the bank agreed to accept the car as collateral for the loan. An employee drove the Rolls into the bank's underground garage and parked it there.
Two weeks later, Don returned and repaid the $5000 and the interest, which was $15.41.
"We are very happy to have had your business, and this transaction has worked out very nicely. the loan officer said, "But we are a little puzzled. While you were away, we checked you out and found that you are a multimillionaire. What puzzles us is why would you bother to borrow $5000?"
Don replied, "Where else in New York City can I park my car for 2 weeks for $15.00?"
The bank officer told him that they would need some kind of security for such a loan, so Don handed over the keys to his new Rolls Royce, parked on the street, in front of the bank.
Everything checked out, and the bank agreed to accept the car as collateral for the loan. An employee drove the Rolls into the bank's underground garage and parked it there.
Two weeks later, Don returned and repaid the $5000 and the interest, which was $15.41.
"We are very happy to have had your business, and this transaction has worked out very nicely. the loan officer said, "But we are a little puzzled. While you were away, we checked you out and found that you are a multimillionaire. What puzzles us is why would you bother to borrow $5000?"
Don replied, "Where else in New York City can I park my car for 2 weeks for $15.00?"