EELN E-Loan (MM)

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/

Copyright