YapStone Chooses LendingTree's Financing Solution For the Auto Market
10 July 2000
YapStone will Integrate LendingTree's Services to Enable Users To Purchase Used Automobiles Online
MINNETONKA, Minn. - YapStone, Inc., a new online, easy-to-use credit card
payment service for the rental and automotive market, announced today that they
have chosen to integrate LendingTree's online loan marketplace. The new
integrated service will help enable customers to quickly purchase and easily
finance automobiles through the Internet. LendingTree is the leading online
loan marketplace that connects consumers to a network of lenders that compete
for their business.
"We are eagerly anticipating a successful relationship with LendingTree.
We feel that its one-of-a-kind services will provide our customers with a
comprehensive payment solution," said Kirk Honour, founder and CEO of
YapStone. "From start to finish, YapStone and LendingTree will leverage
online financing for the Internet automotive marketspace."
YapStone customers will also have the option of transferring credit card
balances into a long-term note through LendingTree. By placing the consumer
in control of the lending process, LendingTree will enhance YapStone's
innovative Internet based payment solution.
LendingTree's marketplace is powered by the company's proprietary loan
exchange technology, Lend-X(SM). Consumer credit requests are filtered through
the Lend-X technology, matched up against the underwriting criteria of the
lenders in the marketplace and then transmitted to the lenders whose
underwriting criteria requirements are fulfilled by those requests. Qualified
consumers then receive multiple offers in response to a single loan request
within 24 hours and then compare, review and accept the loan offer that best
suits their needs.
"YapStone's innovative credit card payment service is yet another channel
of financial services that can be supported by and benefit from LendingTree's
superior loan exchange technology," said Doug Leda, founder and CEO for
LendingTree. "We're extremely pleased at the opportunity to provide
YapStone's consumers with alternative credit card payment services via our
online loan marketplace."
YapStone is targeting the automotive industry's face-to-face, transactions
that involve a title transfer. Individual sellers of vehicles will be able to
facilitate online and offline sales and provide additional financing options
to buyers while still retaining transaction security and an immediate transfer
of funds. In addition to having financing options, a minimum 30-day float and
no need to come up with a great deal of cash on the spot, used car buyers will
have a host of additional benefits such as fraud screening, "Lemon Check".
About LendingTree
LendingTree is the Internet-based loan marketplace for
consumers and lenders. LendingTree collects consumer credit requests and
compares those requests and related credit information to the underwriting
criteria of more than 100 participating lenders in the LendingTree
marketplace. Consumers can receive multiple offers in response to a single
loan request within hours and then compare, review and accept the loan offer
that best suits their needs. Lenders can generate new business that meets
their specific underwriting criteria at reduced acquisition costs. The
LendingTree Marketplace encompasses most consumer credit categories, including
mortgages, home equity loans, automobile loans, credit cards, personal loans
and provides access to small business loans.
About YapStone
YapStone, Inc. is the premiere Internet-based companythat enables
individuals and businesses to accept credit card payments, through the Internet
or by telephone, without incurring costly setup and maintenance fees normally
associated with processing these types of transactions. YapStone provides
turnkey credit card payment solutions for residence, vacation and commercial
property rental, and person-to-person used car sales.