Braingle: 'The Loan' Brain Teaser

The Loan

Puzzle ID:	#3632
Fun:	(2.82)
Difficulty:	(1.76)
Category:	Other
Submitted By:	bobbrt

A wealthy but thrifty man is applying for a loan at a bank. The man says that he would like to take out a $1,000 loan, and that to save paperwork he would like to just leave his BMW with the bank as collateral. The loan officer thinks that it is odd that such a wealthy man would take out such a small loan, but sees no reason to reject the loan.
A month later the man returns, pays off the loan in full (plus a month's interest), and is returned his car. Why did he take out this loan?

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Comments

Pizzahead Apr 26, 2002	Very clever!
(user deleted) Apr 27, 2002	I've always enjoyed this one - but I do wonder if a bank would really operate this way. If so - do you think they would take my kids as collateral? Cheap babysitting!
bmotts Jul 29, 2002	Fun, fun, fun.. I loved it!
jimbo May 01, 2003	Just like the beer commercial.
lessthanjake789 Feb 09, 2006	very good one, heard it before, loved seeing it again.
lav4geniy Nov 07, 2006	if he was rich, then why didn't he want to pay the parking lot fee? oh well, it was still a good one.
thisisnotsparks Jul 25, 2007	Great teaser thanks for posting it, keep'em coming