E-LOAN Announces Labor Day Employee Discount Sale
August 31 2005 - 8:00AM
PR Newswire (US)
Online Lender Provides Labor Day Savings Opportunities for
Consumers Shopping for Mortgage Loans and Auto Loans PLEASANTON,
Calif., Aug. 31 /PRNewswire-FirstCall/ -- E-LOAN(R) (NASDAQ:EELN),
an online consumer direct lender, today announced its Labor Day
Employee Discount Sale. The promotion provides consumers with a
Radically Simple way to enjoy the same discounts that E-LOAN
employees receive if they obtain their mortgage loans or auto loans
through E-LOAN. "This promotion is a great opportunity for us to
extend the tremendous savings that our employees get to the many
consumers who will be looking for homes and cars over the Labor Day
shopping weekend," said Mark Lefanowicz, Chief Executive Officer
and President of E-LOAN. "Through the Employee Discount Sale,
shoppers will be able to take advantage of hundreds to thousands of
dollars in savings." Car buyers nationwide have welcomed the
employee discount programs offered by the "Big Three" automakers.
And, for a limited time, consumers will be able to combine the
automaker's employee discount sales program with E-LOAN's Employee
Discount Sale to increase their overall savings. In comparison to
the national average new auto loan rate of 6.30%, buyers who
qualify for the E-LOAN Employee Discount Sale will be able to take
advantage of a 4.99% rate, enabling them to save over $400 on a
$20,000 auto loan(1). The Employee Discount Sale provides a 0.25%
interest rate discount to all of E-LOAN's auto loan products,
including new car loans, used car loans, auto loan refinancing, and
lease buy out financing. Homebuyers and homeowners will also be
able to enjoy Labor Day savings. Consumers who lock-in their
mortgage rate during the E-LOAN Employee Discount Sale will be
eligible to receive the employee mortgage point discount of 0.50%.
For example, on a $200,000 mortgage loan, consumers who take
advantage of the promotion can save $1,000(2). The employee
mortgage point discount applies to all of E-LOAN's mortgage
products, including mortgage refinancing, adjustable rate
mortgages, fixed-rate mortgages, interest-only mortgages, and Pay
Option ARM's. The E-LOAN Employee Discount Sale begins on Friday,
September 2 at 9:00 am PT and runs through Tuesday, September 6 at
9:00 am PT. The auto loan promotion will extend through Thursday,
September 8, 2005. About E-LOAN E-LOAN(R) is an online consumer
direct lender dedicated to providing borrowers with a Radically
Simple(SM) way to obtain mortgage, auto and home equity loans.
Since its launch in 1997, E-LOAN has drawn upon its pro consumer
values to improve the lending experience in revolutionary ways. By
eliminating the traditional incentive structure to charge consumers
higher rates, giving consumers free access to credit scores and
getting rid of lender fees, E-LOAN is providing a uniquely open,
fair and honest loan process. Protecting consumers' financial
privacy is also a paramount concern, prompting E-LOAN to implement
industry leading privacy practices and advocate strong consumer
financial privacy protection laws. Consumers have recognized E-
LOAN's trustworthiness and respect for customers. 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. In another independent study by The Customer
Respect Group, E-LOAN received the overall highest rating in the
Online Customer Respect Study of North America's largest financial
services firms. From inception through June 2005, E-LOAN has
originated and sold over $26.7 billion in consumer loans. E-LOAN is
publicly traded on the Nasdaq National Market under the symbol
EELN. To find out more about E-LOAN and its products and services,
logon to http://www.eloan.com/ or call 1-888-E-LOAN-22. 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) Example APR assumes a 36-month loan term
for a new car purchase and electronic payments and assume excellent
and substantial credit. Monthly payment at 4.99% APR is $29.97 per
$1,000 financed. Higher rates may apply for lower credit quality or
for other reasons such as income or employment history. An employee
discount cannot be combined with any other promotional offers.
Other conditions may apply. National average new car loan rate is
for a 36-month loan term for a new car purchase and is based on
data provided by BankRate.com on August 30, 2005. Rates are subject
to change without notice and are valid through September 8, 2005.
(2) Lock your loan by 9:00 am PT on Tuesday, September 6, 2005 to
qualify. An employee discount cannot be combined with any other
promotional offers. The example of a $1,000 discount in mortgage
points is based on a $200,000 loan on which mortgage points of
$3,088 would be charged, before applying any discount ($200,000 x
1.544%=$3,088). When the employee discount of 0.5% is applied, the
cost of the mortgage points is reduced to $2,088 ($200,000 x
1.044%=$2,088). The availability of this program and the mortgage
points charged on your loan depend upon your credit score, income,
employment history, the product you select and other factors.
Contact: Laurie Azzano of Cosmo Public Relations, , for E-LOAN; or
investors, Tiffany Fox of E-LOAN, +1-925-847-6314, or . DATASOURCE:
E-LOAN CONTACT: Laurie Azzano of Cosmo Public Relations, , 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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