I for one have dealt with NYC parking for over 20 years and I must admit it’s easily one of the worst regions in the entire world to park in. Not only is it super expensive but finding a spot is even more challenging. And I can also tell you that I’ve never, ever heard a story like this. And for those of you living in NYC or those coming to visit, don’t ever forget what you are about to read. This is a true story.
An Indian man, walked into the New York City Bank and asks for the loan officer. He tells the loan officer that he’s going to India for two weeks and needs to borrow $5,000. The loan officer tells him that the bank will need some form of security for the loan. So the Indian man hands over the keys and the documents to the new Ferrari parked on the street in front of the bank. The loan officer then consults the President of the bank, produces all the required items and everything checks out to be OK. The loan officer agrees to accept the car as collateral for the loan.
The bank officer and president have a good laugh at the expense of the Indian for keeping a $750,000 Ferrari as a security and only taking out a $5,000 loan. A employee of the bank then drives the Ferrari into the bank’s underground garage and parks it there. Two weeks later the Indian returns and pays $5,000 and interest which comes to $15.41. Seeing this, the loan officer says, “Sir, we are very happy to have your business and this transaction has worked out nicely. However, we are a little puzzled. While you were away we checked you out and found out that you are a multi millionaire. What puzzled us was they you bothered to borrow $5,000.
The Indian replies, “where else in the New York City can I park my car for two weeks for only $15.41 and expect it to be there when I return?” This is a true story and the Indian is none other than Vijay Mallya who is the ex-chairman of United Spirits Ltd, the largest spirits company in India, and continues to serve as Chairman of UB Group, an Indian conglomerate with interests in beverage alcohol, aviation infrastructure, real estate and fertilizer among others.
The story took place in 2012 and Vijay posted about it on his blog.