E-LOAN Signs Agreement With eBay Motors
January 24 2005 - 7:00AM
PR Newswire (US)
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/
Copyright
E Loan (NASDAQ:EELN)
Historical Stock Chart
From May 2024 to Jun 2024
E Loan (NASDAQ:EELN)
Historical Stock Chart
From Jun 2023 to Jun 2024