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E-LOAN Unveils Auto Lease Buyout Program
E-LOAN Provides Consumers With a Faster, Easier and More Affordable Way to Buy
Out Their Auto Lease
PLEASANTON, Calif., Aug. 11 /PRNewswire-FirstCall/ -- E-LOAN, Inc.
(NASDAQ:EELN), an online consumer direct lender, today announced its auto lease
buyout loan product offering, which provides consumers with a faster, easier
and more affordable way to purchase their car at the end of their lease
agreement. In 2002, the top 50 auto finance companies had in excess of $157
billion in leases outstanding.(1)
At the end of the lease, consumers typically have three options: 1) return the
vehicle to the dealer; 2) extend the term of the lease; 3) purchase the vehicle
from the dealer or leasing agent. Consumers who choose to purchase the vehicle
can either pay cash or obtain a lease buyout loan. Using E-LOAN's lease buyout
product offering, consumers can avoid tapping their savings and take advantage
of competitive rates and an easy online application and funding process.
"Historically, there have been very few attractive lease buyout financing
options available to consumers," said Mark Lefanowicz, E-LOAN's President and
Chief Operating Officer. "E-LOAN is changing this by giving consumers the
power to buy out their lease at a great low rate as fast as 24-hours after they
apply."
Consumers looking to purchase their vehicle at the end of its lease term can
log onto http://www.eloan.com/ and click on the "Auto Lease Buyout" tab. From
there, consumers can quickly and easily research auto lease buyout 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(SM). E-LOAN's PowerCheck(SM) works just like a personal
check and can be made out to the vehicle leaseholder for up to the approved
loan amount. Customers have the option to use a portion of the value of their
PowerCheck(SM) to finance add-on vehicle amenities such as a car stereo or
warranty.
About E-LOAN, Inc.
E-LOAN, Inc. 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, Inc. is publicly traded on the Nasdaq National Market
under the symbol EELN. From inception through June 2004, E-LOAN has originated
and sold over $21.5 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.
(1) "Auto Finance Big Wheels 2003" by Momentic Research
E-LOAN Press Contact: E-LOAN Press/Investor Contact:
Laurie Azzano Tiffany Fox
Cosmo Public Relations E-LOAN, Public/Investor Relations
504/296-1349 925/847-6314l
DATASOURCE: E-LOAN, Inc.
CONTACT: Laurie Azzano of Cosmo Public Relations, +1-504-296-1349, or
, for E-LOAN, Inc.; or Tiffany Fox, Public/Investor
Relations of E-LOAN, Inc., +1-925-847-6314, or
Web site: http://www.eloan.com/