June 3, 2011 11:53 AM PDT
He was from Texas & he wanted a loan, so he walked into a bank in New York City and asked for the senior loan officer. He told the loan officer that he was going to Paris for an international Redneck Festival for two weeks, he wanted to borrow $5,000 and that he was not a depositor of their bank.
The bank officer, tongue in cheek, 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, which was parked on the street in front of the bank.
The redneck produced a clar title & everything checked out. The loan officer agreed to hold the car as collateral for the loan and apologized for having to charge Bubba 12% interest.
Later, the bank's president and its officers all enjoyed a good laugh at the stupid redneck 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, parked it & locked it.
Two weeks later, the redneck returned as promised,, 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 Ole Miss University, that you are a highly sophisticated investor and Multi-Millionaire with real estate and financial interests all over the world.
We learned that your investments include a large number of wind turbines around Sweetwater & oil wells in Midland, Texas. What puzzles us is, why would you bother to borrow a measely $5,000?"
Bubba laughed & replied, "Where else in New York City can I park my Ferrari safely for two weeks for only $23.07, and expect it to be there when I return?"
Never judge a redneck.
June 4, 2011 12:07 AM PDT
hahaha!!!!! that's hystercial!!
June 4, 2011 12:27 AM PDT
Way too funny !!!! Talk about secured parking.....
I like the common sense in that...
And having been in New York, from one redneck to another...smooth, very smooth.
December 3, 2015 1:24 AM PST
Clever joke.... but if he's getting charged 12% interest on a $5000 loan, his payment would $600.
December 3, 2015 10:50 PM PST
Clever joke.... but if he's getting charged 12% interest on a $5000 loan, his payment would $600.
Its a joke, no need to analyze it.
January 31, 2016 9:30 AM PST
The math is right. Interest rates are quoted per annum, so its only 2 weeks worth of interest at 12%. This may be an effective car parking strategy...
