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 -- E-LOAN(R) , 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.