This Millionaire Puts His $250k Ferrari on Collateral Just to Loan $5,000 from the Bank – Why? Find out here!

Every person has their own way of doing things. We all have our own way of thinking, which reflects our preferences and opinions. While there are things that we find substantial for us, it may mean that much for others. That is why when we make our judgments, it’s always important to think about ourselves when put in their situation. Take for example this story about a man who has millions in his bank accounts, but what he did will truly change the way you view life. Check it here:
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This story is about this man who parked his Ferrari, worth $250,000 in front of a bank and decided to use it as a collateral to loan a smaller amount. The multi-millionaire man just bought his car but he’s willing to give it up as a collateral in a New York bank for some reason. What is it? You’ll be blown away!
Upon entering the New York bank, he asked if he could borrow $5,000 from the loan officer. However, the loan officer said he can’t borrow or ask for a personal loan for quick cash if he’s not a depositor in the bank. So what he did was he put his Ferrari on collateral. But why did he go these lengths to be able to borrow money from the bank? Here’s the answer:
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Because the Ferrari’s too expensive for the loan amount, the officer granted his request for personal loan. Thinking that the man made a stupid decision, the loan officer laughed really hard. However, in a few week’s time, the man returned and shocked the hell out of the loan officer. Here’s the full story:

 “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?”

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

Surely a brilliant idea, right? What a wise man!!!

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