PLEASANTON, Calif. -- E-LOAN, an online consumer direct lender, announced that substantially all of the auto loans held by E-LOAN Auto Fund One LLC were purchased by a major financial institution.

The unpaid principal balance of these loans totaled approximately $651 million. E-LOAN received net cash proceeds from this transaction of approximately $15 million and will record a first quarter 2005 gain on this transaction of approximately $2.5 million.

"Recent strong capital markets’ demand for auto loans enabled this transaction and resulting gain," said Mark Lefanowicz, president and CEO of E-LOAN.

E-LOAN, Inc. will continue to fund vehicle loans under its existing vehicle warehouse line of credit and will continue to sell funded loans to whole-loan purchasers for cash. Effective March 30, E-LOAN Auto Fund One became a consolidated subsidiary of E-LOAN Inc.

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