PLEASANTON, Calif., Aug. 31 /PRNewswire-FirstCall/ -- E-LOAN(R) , 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, laurie@cosmo-pr.com, for E-LOAN; or investors, Tiffany Fox of E-LOAN, +1-925-847-6314, or tiffanyf@eloan.com.