A Pilipino walked into a bank in New York City and asked for the loan
officer. He told the loan officer that he was going to Cebu on business for
two months 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 Pilipino handed over the keys to a new Ferrari
The car was parked on the street in front of the bank. The Pilipino
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 Pilipino 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
underground garage and parked it.
Two months later, the Pilipino 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 and found that you
are a multimillionaire. What puzzles us is, why would you bother to borrow
$5,000?"
The Pilipino 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?"
Ah, the Pilipino’s………..
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