E-LOAN and Edmunds.com Announce Partnership
December 07 2004 - 7:00AM
PR Newswire (US)
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/
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