An Igbo man walks into a bank in New York City and asks for the loans officer. He tells the loans officer that he is going to Nigeria on business for two weeks and needs to borrow $5,000.
The loans officer tells him that the bank will need some form of security for the loan, so the Igbo man hands over the keys and documents of his new Ferrari parked on the street in front of the bank. He produces the title and everything is in order.
The loans officer agrees to accept the car as collateral for the loan. The bank’s manager and its officers all had a good laugh at the Igbo man for using a $250,000 Ferrari as collateral against a $5,000 loan.
An employee of the bank then drove the Ferrari into the bank’s underground garage and parks it there. Two weeks later the Igbo man returns, repays the $5,000 and the interest, which comes to $15.41. The loans officer says, “Sir, we are very happy to have done business with you, 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 multi millionaire. What puzzles us still is, why would you bother to borrow $5,000?”
The Igbo man smiles and replies, “Where else in New York City can I park my car for two weeks for only $15.41 and expect it to be there when I return?”