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Key:
Admin,
Global Mod,
Mod
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Joined: Mar 2005
Posts: 1,793
8 point
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8 point
Joined: Mar 2005
Posts: 1,793 |
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?"
His name was BUBBA.... Keep an eye on those Texas boys!
Let us cross over the river and rest in the shade of the trees
Stonewall Jackson
Hug your loved ones often, Life is short even on its longest days.
I don't see the glass as half full or half empty. I just finish it and order another.
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Joined: Apr 2000
Posts: 29,562 Likes: 6
Administrator
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Administrator
Joined: Apr 2000
Posts: 29,562 Likes: 6 |
"I hate rude behavior in a man. I won't tolerate it." Captain Woodrow F. Call
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Joined: Nov 2014
Posts: 6,410
12 point
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12 point
Joined: Nov 2014
Posts: 6,410 |
Redneck ingenuity 
American by birth Southern by the grace of God.....
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Joined: Jul 2013
Posts: 1,342
8 point
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8 point
Joined: Jul 2013
Posts: 1,342 |
Thats great.
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Joined: Dec 2004
Posts: 3,996
10 point
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10 point
Joined: Dec 2004
Posts: 3,996 |
Still don't see how 12% of $5000 is $23.07. If he paid off his loan early there will probably be a fee.
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Joined: Jan 2011
Posts: 10
spike
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spike
Joined: Jan 2011
Posts: 10 |
Just to be that guy.
14days/364days*.12*5000=23.07
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Joined: Aug 2014
Posts: 1,874
I like pretty colors
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I like pretty colors
Joined: Aug 2014
Posts: 1,874 |
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Joined: Dec 2004
Posts: 3,996
10 point
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10 point
Joined: Dec 2004
Posts: 3,996 |
Just to be that guy.
14days/364days*.12*5000=23.07 10-4. But that's assuming the loan is for a year. If we assume the loan is for a year, there will be a penalty for early pay off. Bubba must have been dealing with different bankers than I get.
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