Before going to Europe on business, a man drove his Rolls-Royce to a downtown New York City bank and asked to talk to a loan representative.
The loan officer approached the well-dressed man, and asked how he could be of assistance to the wealthy client.
“I would like to borrow $5,000,” responded the customer.
Surprised, the banker handed the customer the necessary paperwork, ran the credit report and informed the man that because of his good relationship with the bank and excellent credit history and financial situation, he would be able to provide him with a personal loan of $5,000 at 6% interest on a 5-year term. “However,” he said cautiously, since we don’t currently have a banking relationship with you, we will need some form of collateral.”
“Well, then,” the man answered. “Here are the keys to my Rolls-Royce.”
The loan officer handed the new customer a check for $5000 and promptly had the car driven into the bank’s underground parking for safe keeping.
Two weeks later, the wealth man returned, finding the loan officer to settle up his loan and get his car back.
“That will be $5,000 in principal, and $25 in interest. We have to charge you interest for the full month, even though you’re paying the loan off early,” the loan officer said apologetically.
The wealthy man took the original check from the bank out of his pocket, handed the it to the banker along with $25 cash and started to walk away.
“Wait, sir,” the loan officer said. “You are a millionaire and you didn’t even cash the loan check we gave you. Why in the world would you need to borrow $5,000?”
With a sly smile, the customer responded, “Where else could I find a safer place to park my Rolls-Royce in Manhattan for two weeks and pay only $25?”