The loan officer told him he would need some form of security, so the Italian handed over the keys to a new Ferrari, parked out front! He produced the title and so the bank agreed to hold the car as collateral, but would charge him 12% interest. The Italian readily agreed.
Later, the bank's president and its officers all enjoyed a good laugh at the Italian for using a $250,000 Ferrari as collateral for a $5,000 loan. The car was then parked in the bank's underground garage.
Two weeks later, the Italian returned, repaid the $5,000 and the interest of $23.07. The loan officer said, "Sir, we were very happy to do business with you, and 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 Italian replied: " Where else in New York City can I park my car for two weeks for $23.07 and expect it to be there when I return?'
