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E-LOAN and Edmunds.com Announce Partnership
E-LOAN Partners With the Premier Online Automotive Information Resource for
Consumers; Edmunds.com Named the 'Most Useful Web Site' According to Every J.D.
Power and Associates New Autoshopper.com Study(SM)
PLEASANTON, Calif., Dec. 7 /PRNewswire-FirstCall/ -- E-LOAN(R) (NASDAQ:EELN),
an online consumer direct lender, today announced that it has been named the
primary provider of auto loans for Edmunds.com, the premier online resource for
automotive information.
As vehicle models and financing options continue to grow in complexity and
choice, consumers are increasingly turning to the Internet for help in sorting
through this information. Jupiter Research's 2003 Automotive Forecast Report
showed that 57 percent of automotive consumers used the Internet to research
their automotive purchase in 2002.(1) The same report projects that by 2008,
80 percent of auto consumers will regularly be accessing the Internet to
research their auto purchase.
"With increasing options for consumers to consider when purchasing a vehicle
including dealer invoice cost, instant rebates, zero percent financing -- it's
more important than ever that they have a resource they can trust to give them
useful and unbiased vehicle information," said Mark Lefanowicz, E-LOAN's
President and Chief Operating Officer. "The integration of E-LOAN's auto loan
products within Edmunds.com allows consumers to have even more powerful
resources to research and arrange fast, easy and low-cost financing for their
car purchase."
This partnership brings together two of the Web's most recognized companies in
their respective industries. In addition to its award-winning lending
services, E-LOAN was also ranked as one of America's 20 most trusted companies
for privacy by the Ponemon Institute and TRUSTe(2). E-LOAN was the highest
ranked online financial services company on the list. Edmunds.com is
consistently ranked as one of the Web's premiere tools for automobile research.
The company was named "Best car research on the Web" by Forbes and the "most
useful Web site" according to every J.D. Power and Associates New
Autoshopper.com Study(SM).
"E-LOAN has a strong consumer brand and an excellent product with
state-of-the-art loan processing applications," said Mike Darrow, Executive
Vice President of Edmunds.com. "We expect to have a powerful strategic
relationship with E-LOAN that benefits both our site visitors and our business
development efforts."
By clicking on the "FinanceCenter" at http://www.edmunds.com/, consumers can
quickly and easily research E-LOAN auto and motorcycle loans, shop for rates
without entering any personal information, and compare products to determine
which loan best suits their individual needs. When they're ready to apply,
consumers complete a 5-minute online application and receive a decision within
15 minutes during regular business hours. Once approved, E-LOAN will issue the
customer a PowerCheck(SM), which works just like a personal check. Approved
customers can go to a dealership or private seller to purchase their new or
used vehicle as fast as 24-hours after they apply. Customers can also save by
using a PowerCheck to refinance an existing car loan.
About E-LOAN
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.
(1) Jupiter Forecast Report: Automotive, 2003 - 2008
(2) Poneman Institute/TRUSTe National Privacy Study, 2004
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
CONTACT: Laurie Azzano of Cosmo Public Relations, +1-504-296-1349, or
, for E-LOAN; or investors, Tiffany Fox of E-LOAN,
+1-925-847-6314, or
Web site: http://www.eloan.com/