COWBOY LOAN
A Cowboy from Big Timber, Montana walked into a bank in New York City
and asked for the loan officer. He told the loan officer that he was
going to Paris for an international rodeo 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 new
Ferrari. The car was parked on the street in front of the bank.
The 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
Montana for using a $250,000 Ferrari as collateral for a $5,000 loan.
An employee of the bank then drove the Ferrari into the bank's private
underground garage and parked it.
Two weeks later, the Cowboy returned, repaid the $5,000 and the
interest of $23.07. 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 highly
sophisticated investor and multimillionaire with real estate and
financial interests all over the world. Your investments include a
large number of wind turbines around Big Timber, Montana . What puzzles
us is - why would you bother to borrow $5,000?"
The good ol' Montana boy replied, "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?"
Don't mess with Cowboys.
