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E-LOAN Signs Agreement With eBay Motors
eBay Motors Turns to E-LOAN to Provide Consumers With Faster, Easier Way to
Finance Purchases
PLEASANTON, Calif., Jan. 24 /PRNewswire-FirstCall/ -- E-LOAN(R) (NASDAQ:EELN),
an online consumer direct lender, today announced that it will work with eBay
to provide its consumers with financing for automobiles and motorcycles
purchased on eBay Motors. eBay Motors is the No. 1 automotive site on the Web
and delivers $11.1 billion in worldwide annualized gross merchandise volume.
"When you consider that a vehicle is sold nearly every minute on eBay Motors,
the need for an efficient financing option is critical," said Mark Lefanowicz,
E-LOAN's President and Chief Operating Officer. "Just as eBay Motors changed
the paradigm for finding and buying used vehicles, we are changing how
individuals finance those vehicles. Instead of waiting long periods of time
and jumping through hoops for high interest rate loans, E-LOAN provides
consumers with a faster and easier way."
Users of eBay Motors can quickly and easily obtain financing for their vehicle
purchases, usually at lower rates than banks or credit unions and always
without the vehicle inspections or appraisals those institutions frequently
require. As fast as 24 hours after they apply, buyers can complete their
purchase from private sellers or auto dealers with E-LOAN financing.
Consumers who visit the eBay Motors Financing Center can secure financing
options from select lenders by choosing the make, model, year, and price range
of the vehicle they are looking to purchase. Certain selections will take
consumers to the co-branded E-LOAN and eBay Motors Auto Loan Center. From
there, consumers can quickly and easily research auto loan rates, terms, and
payments without entering any personal information. When they're ready to
apply, consumers complete a 5-minute online application and receive an online
approval decision within 15 minutes during regular business hours. As fast as
24-hours after the application is approved, the customer will receive an E-LOAN
PowerCheck(R). E-LOAN's PowerCheck works just like a personal check and can be
made out to an auto dealer, private seller and/or the vehicle lien holder for
up to the approved loan amount.
About E-LOAN, Inc.
E-LOAN is an online consumer direct lender dedicated to providing borrowers
across the credit spectrum with a more enjoyable and affordable way to obtain
mortgage, auto and home equity loans. By making credit scores freely available
to consumers and integrating them with a suite of sophisticated advice tools,
E-LOAN is pioneering the nascent debt management advice category -- helping
consumers proactively manage their loan portfolios to lower their overall
borrowing costs. The company relentlessly advocates eliminating the unnecessary
processes, fees, hassle, haggle and lack of transparency traditionally
associated with the consumer loan experience. Protecting consumers' financial
privacy is a paramount concern, prompting E-LOAN to implement industry leading
privacy practices and advocate strong consumer financial privacy protection
laws. In June 2004, an independent study conducted by TRUSTe and The Ponemon
Institute ranked E-LOAN as one of the top 20 most trusted companies for privacy
in America. E-LOAN was the highest ranked online financial services company to
make the top 20.
Consumers can log onto http://www.eloan.com/ or call 1-888-E-LOAN-22 to access
E-LOAN's products, services and team of dedicated loan and debt advice
professionals. E-LOAN is publicly traded on the Nasdaq National Market under
the symbol EELN. From inception through September 2004, E-LOAN has originated
and sold over $22.8 billion in consumer loans.
This news release contains forward-looking statements based on current
expectations that involve risks and uncertainties. E-LOAN's actual results may
differ from the results described in the forward-looking statements. Factors
that could cause actual results to differ include, but are not limited to,
general conditions in the mortgage and auto industries, interest rate
fluctuations, and the impact of competitive products. These and other risk
factors are detailed in E-LOAN's periodic filings with the Securities and
Exchange Commission.
E-LOAN Press Contact: E-LOAN Press/Investor Contact:
Laurie Azzano Tiffany Fox
Cosmo Public Relations E-LOAN, Public/Investor Relations
504-296-1349 925-847-6314
DATASOURCE: E-LOAN, Inc.
CONTACT: Laurie Azzano of Cosmo Public Relations, +1-504-296-1349, or
; or Tiffany Fox of E-LOAN, Public/Investor Relations
+1-925-847-6314, or
Web site: http://www.eloan.com/