Cowboy loan

Cowboy loan

A Cowboy from Ft Worth, Texas, 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

Wyoming 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 Texas. What puzzles

us is - why would you bother to borrow $5,000?"

The good 'ole Texas 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.

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1 Comment

4 years 20 weeks ago, 3:01 PM

RLT

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Rank:
Major
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Join Date:
Jan 2009
Location:
Purcell, Oklahoma, United States
Cowboy logic

You just can't argue with it.

RLT
samD's picture
Posted by: samD
4 years 20 weeks ago
Views:
864
Comments:
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