A gentleman walked into a bank in London and asked for the loan officer. He said he was going to US on business for two weeks and needs to borrow 5,000 Pounds.
The Loan officer said the bank would need some kind of security for such a loan. So the gentleman handed over the keys to a new Rolls Royce parked on the street in front of the bank. Everything checked out, and the bank agrees to accept the car as collateral for the loan. An employee drove the Car into the bank’s underground garage and parked it there.
Two weeks later, the gentleman returned, repaid the 5,000 Pounds and the interest, which came to around 20.58 pounds. The loan officer said, “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 and found that you are a multimillionaire. What puzzles us is why would you bother to borrow 5,000 Pounds?”
The gentleman replied, “Where else in London can I park my car for two weeks for 20 bucks?”
A very old story, heard & read several times before via various media.
Secondly, its illogical to believe that a MILLIONAIRE owning a Rolce Rice car will not have a place to park the car, when such millionaires have mansions with multi car garages. In USA even a middle class family have a car garage at their house. It’s better for FFJ to check such stories before releasing, to maintain credibility of FFJ.
Well nice story!!!!
but one thing to notice..he was a milionare, why did he gave the car to the bank?
he could keep it even safe in his house…
good one anyway!!
Ayan
good idea
his intelligence reached him to be multimillionaire
But why he would not park his car at his home. He should have a big bunglow. Very silly
The humor more than the legal proceduslism is what the composer of the story wanted to convey, I suspect.
The banker themselves are fools. They did not know the simple procedures of making a loan agreement with the borrower. Properties which are given as collateral need not be held in possession at the hands of bankers. A lien would have been created officially while leaving the property in the custody of the borrower himself. Anyway coming to the moral of the story, the author made an attempt to explain the smartness of the borrower but unfortunately he failed in framing his story from a real life scenario in legal perspectives. Nothing to add more with my key board.
He could have give to the renting agency for the rent and might earn some money instead of giving 20 pounds.
For those who are curious, I am not a billionaire but only a student 😛
Have a nice day all
And the value of the car would have diminished by the time he picks it up as well as knowing that the amount he got won’t be able to restore that lost value.
Lesson is not all about what could be made money-wise out of every situation but retaining the value of what you had at hand without spending much.
Good one anyway!
That is why he is a Millionaire…!