Multimillionaire man loans $5k, used his $250K Ferrari as collateral. The reason why will blow your mind!


Each and every person has their own way of thinking. That is why we are entitled to our own opinions.  There are things that we might find absurd, but for others it means the whole world to them.

This brings us back to the rule where one should not judge others of what they do. 

The best example of this is the story of a multi-millionaire man who just bought a new Ferrari that amounts to $250k. He parked the car in front of the bank in New York and went inside. 

He looked for the loan officer of the bank and said to him that he will be borrowing $5k from the bank. Since he was not a depositor of the bank, he offered his new Ferrari as a collateral. 


The officer approved and the man left the bank. The staff of the bank laughed so hard thinking that the man is crazy for the decision that he made. 


But after a few weeks, the man came back and the reason why he did this was indeed brilliant!

 "His name was Bubba, he was from Texas and he needed a loan, so he 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 Redneck Festival 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 Redneck handed over the keys to a new Ferrari. The car was parked on the street in front of the bank.

The Redneck 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 Redneck from the Texas 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 Redneck 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 distinguished alumni from Texas A & M, a highly sophisticated investor and multi-millionaire with real estate and financial interests all over the world. Your investments include a large number of wind turbines around Sweetwater, Texas. What puzzles us is, why would you bother to borrow $5,000?"

The good 'ole 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?"

His name was BUBBA....keep an eye on those Texas boys! Just because we talk funny does not mean we are stupid!"


SHARE
    Facebook Comment
    Blogger Comment

3 comments:

  1. Simple trick to cut your electric bill up to 75%:

    Want to know how to easily produce all of the renewable energy you could ever want right at home?

    And you will be able to make your home completely immune from power outages, blackouts, and energy grid outages
    so even if everyone else in your area (or even the whole country) loses power - you won’t.

    HERE'S HOW: DIY HOME ENERGY

    ReplyDelete
  2. Individuals who couldn't reimburse the sum inside the given timetable of their past advances come in the class of awful credit holders. The banks for the most part observe them with examination in regards to their capacity to reimburse the credit sum or not?acta.fi

    ReplyDelete
  3. Some are lucky to be able to finance their business through small business loans whether secured or unsecured business loans while some are just not able to get approval for any business loans applied to. BUSINESS LOANS CO.

    ReplyDelete

X

Welcome Readers!
Like us now!

Thank You