Friday, January 2, 2015

The County Board Members $5,000 Loan

A well-to-do county board member from West Texas walked into a New York City Chase Manhattan Bank office and asked to meet with a loan officer. 

When greeted by a loan officer, the county official stated he would be in New York City for several days to attend a National Association of Counties (NACo) Convention and asked if he could have a $5000 loan which he promised he would repay in five days.

The loan officer replied, "Since you are not a local resident or one of our regular bank customers, the bank would need some kind of security or collateral for such a loan."  

The county commissioner said he understood and laid down the keys to a six-month-old Lexus which was parked across the street directly in front of the bank.  He then handed the loan officer the title and registration for the Lexus which was listed in his name and showing the county board member owned the vehicle outright.

After conferring with a few senior bank officials, the loan officer smiled and agreed to accept the vehicle as collateral for the loan. Papers were quickly drawn up and a bank employee was sent outside to drive the Lexus into the bank's underground parking garage. 

Once the vehicle was in the bank's possession, a check in the amount of $5,000 was issued to the county official from Texas.  

Five days later, the county board member from Texas returned to the bank and asked to speak with the loan officer. When the loan officer emerged, the county board member opened his wallet pulled out $5000 in cash along with the $15.74 interest that he owed. 

The loan officer thanked the county official for his business and said, "We are very happy to have had your business and are delighted this transaction worked out so nicely".  He then said, "By the wayI ran a background check on you and found out you are a multimillionaire with significant oil holdings throughout the state of Texas."  

"Yes that's true," said the county board member.  "I am glad you were thorough; I like a man who follows up on things." 

"What puzzles me," said the loan officer, "is why would you, with your wealth, bother to come to our bank to borrow just $5000?"

The county commissioner smiled and replied, "Son, where else in New York could I have parked my car in a secure area for five days for just $15.74?"          

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