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Collateral Conditions October 4, 2014

Posted by nrhatch in Humor, Joke.
29 comments

250px-New_Orleans_City_of_Old_Romance_and_New_Opportunity_Crop_p_23_MoneybagsHarlan Davis walked into a bank in New York City, asked for the loan officer, and explained that he was going to Paris for two weeks and needed to borrow $5,000.

Since he was not a depositor of the bank, the bank officer told him the bank would need some form of security for the loan.

Harlan nodded and handed over the keys to his new $250,000 Ferrari parked on the street in front of the bank. The bank agreed to hold he car as collateral for a loan at 12% interest.

A bank employee drove the Ferrari into the bank’s private underground garage and parked it.

Two weeks later, Harlan returned from Paris, met with the loan officer, and repaid the $5,000 plus interest of $23.07.

Dollar-BillsWhile waiting for a bank employee to bring the car around, the loan officer said, “Mr. Davis, we are happy to have had your business, but I’m a bit puzzled. When I checked you out on Dunn & Bradstreet, I found that you are a highly sophisticated investor with real estate and financial interests all over the world, including NYC. Why would you bother to borrow $5,000 for a 2-week trip?”

Harlan chuckled, “Where else in New York City can I park my car for two weeks for only $23.07 and expect it to be there when I return?”

Aah . . . that’s better!

Source:  E-mail from unknown author (sent by Joe M.)