While out shopping with Elaine, Jerry comes across a suede jacket that he loves. The price on the jacket is much more than Jerry would normally pay, and it has an unusually candy cane striped inner lining. Elaine tells him to splurge because the jacket is stunning on him, and he can always have it relined, plus it’s the inside of the jacket, no one will see it. Back at his apartment, Kramer stops by, and sees the new jacket resting on a chair. He inquires about it, and comments that it must have cost a lot. Jerry says it did, and Kramer repeated asks how much. Jerry won’t answer him, so Kramer looks at the tag still on the jacket. He is surprised Jerry would spend so much on a jacket. Kramer then asks what he’s going to do with his old leather jacket, and asks if he can take it. Jerry lets him take it.
The following night, Jerry and George are supposed to meet Elaine and her father, the author, Alton Benes. George comes into Jerry’s apartment singing Master of the House from Les Miserables. As they get ready to leave, George notices Jerry’s new suede jacket and tries to get Jerry to tell him how much he paid for it, but Jerry won’t budge. Kramer barges in asking the two if they will watch his car for just 2 minutes while he’s illegally parked so he can a cage full of doves into the car. They tell him no, knowing full well that it will take much longer than Kramer anticipates.
As George and Jerry enter the hotel where Alton is staying, George is still singing Master of the House. Elaine has yet to arrive, so the three gentleman sit down and order drinks. Both George and Jerry are very nervous around Alton because he is such an accomplished author. Their conversation with Alton is awkward at best. Jerry excuses himself to go to the bathroom, really just wanting to escape the situation even for a short while. George continues talking with Alton, having no more success than when Jerry was with him. George then excuses himself to make a phone call, but slips into the bathroom with Jerry. They both agree that they cannot be stuck with Alton all night, and that if Elaine doesn’t show up in the next 10 minutes, they’ll leave.
When the meet up with Alton, he informs them that Elaine won’t arrive for another half hour. Elaine finally arrives while her father is in the bathroom. George and Jerry ask why she was so late, so she tells them the story. Kramer had promised her a ride to the hotel in exchange for Elaine watching his illegally parked car for a few minutes. Well, the few minutes turned into much longer, and the car ends up being towed. She then has to walk to the hotel. Alton returns from the bathroom and tells the group that they are going to eat at a Pakistani restaurant a few blocks away.
The gang heads outside, only to find out that it has begun to snow. Jerry is worried about his new suede jacket knowing that the snow will ruin it. He suggests taking a cab to the restaurant, but Alton shoots the idea down, repeating that it is only a few blocks away. Jerry doesn’t know what to do about his jacket, so George tells him to wear it inside out. Jerry quickly turns the jacket inside out and puts it on, but Alton sees him in the candy striped jacket (because of the lining), and says he looks like a fool, and to turn it back around.
The next day, Kramer comes into Jerry’s apartment, and notices the ruined jacket hanging in the shower. He asks what happened, and Jerry tells him about the snow the previous night. Kramer chides him on why he didn’t just turn the jacket inside out. Kramer asks if he can have the jacket, since it’s ruined to Jerry. Jerry lets him have it. Kramer comments that he’ll have to do something about the lining, and that it’s a shame that he just gave Kramer his old leather jacket, because now he doesn’t have a jacket at all.
The episode ends with Alton Benes driving back home, stone faced, and then he breaks into singing Master of the House.