Exhibit 10.17

**Confidential Treatment Requested

PURCHASE AND SALE AGREEMENT

between

E-LOAN, INC.,
as Seller

and

MERRILL LYNCH BANK USA,
as Purchaser

Dated as of July 14, 2004

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TABLE OF CONTENTS

ARTICLE ONE
DEFINITIONS

| | Page
| | ----

|Section 1.01. Definitions
   Section 1.02. Usage of Terms
   Section 1.03. Calculations | 11313
|--------------------------------------------------------------------------------------- | -----

ARTICLE TWO
CONVEYANCE OF CONTRACTS

|Section 2.01. Conveyance of Contracts.
   Section 2.02. Initial Closing Date
   Section 2.03. Closing Date | 141516
|---------------------------------------------------------------------------------------------------------- | ------

ARTICLE THREE
THE CONTRACTS

|Section 3.01. Representations and Warranties of the Seller
  Section 3.02. Repurchase of Certain Contracts.
  Section 3.03. Collecting Title Documents Not Delivered at the Closing Date
  Section 3.04. Collecting Original PowerCheck®
  Section 3.05. Contract Information
  Section 3.06. Access to Certain Documentation and Information Regarding Contracts | 182425252525
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------

ARTICLE FOUR
THE SELLER

|Section 4.01. Corporate Existence
  Section 4.02. Liability of Seller; Indemnities
  Section 4.03. Merger or Consolidation of, or Assumption of the Obligations of, the Seller; Certain Limitations
  Section 4.04. Limitation on Liability of Seller and Others
  Section 4.05. Performance of Obligations
  Section 4.06. Financial Covenants.
  Section 4.07. Minimum Requirements
  Section 4.08. Delivery of Contract Files
  Section 4.09. Rebates | 262626272727282828
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------

ARTICLE FIVE
EVENTS OF DEFAULT

|Section 5.01. Events of Default
  Section 5.02. Waiver of Past Defaults | 2930
|----------------------------------------------------------------------- | ----

ARTICLE SIX
MISCELLANEOUS

|Section 6.01. Amendment
  Section 6.02. Protection of Title to Contracts.
  Section 6.03. Buy Rate Matrix
  Section 6.04. Governing Law
  Section 6.05. Notices
  Section 6.06. Severability of Provisions
  Section 6.07. Assignment.
  Section 6.08. Third Party Beneficiaries
  Section 6.09. Counterparts
  Section 6.10. Headings
  Section 6.11. Confidentiality
  Section 6.12. Use of Name.
  Section 6.13. Expenses
  Section 6.14. Securitization.
  Section 6.15. Separate Counterparts
  Section 6.16. Termination of Agreement | 31313232323333333434343435353535
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------

SCHEDULES

|Schedule I		-	Location of Contract Files
  Schedule II	-	Financial Covenant Report
  Schedule III	-	Schedule of Contracts Information
  Schedule IV	-	Seller Information And Loan Data
  Schedule V	-	Eligibility Criteria
  Schedule VI	-	Underwriting Guidelines | SI-1
  SII-1
  SIII-1
  SIV-1
  SV-1
  SVI-1
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | --------------------------------------------

EXHIBITS

|Exhibit A	-	Form of Sale and Assignment
  Exhibit B	-	Rate Sheet Matrix
  Exhibit C	-	Form of PowerCheck® Contract
  Exhibit D	-	Form of Note and Security Agreement
  Exhibit E	-	Notice of Repurchased Contract | A-1
  B-1
  C-1
  D-1
  E-1
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------

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PURCHASE AND SALE AGREEMENT

This PURCHASE AND SALE AGREEMENT, dated as of July 14, 2004, is between
Merrill Lynch Bank USA, an industrial bank organized under the laws of Utah, as
purchaser (the "Purchaser"), and E-LOAN, Inc., a Delaware
corporation, as seller (the "Seller").

WHEREAS, the Purchaser desires to purchase from the Seller, from time to
time, contracts evidencing direct loans to consumers for the purchase or
refinancing of certain new or pre-owned motor vehicles; and

WHEREAS, the Seller is willing to sell such contracts to the Purchaser, and
the Purchaser is willing to buy such contracts from the Seller, pursuant to the
terms hereof.

NOW, THEREFORE, in consideration of the premises and the mutual covenants
herein contained, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

ARTICLE ONE DEFINITIONS

Section 1.01.  
Definitions.  Except as otherwise specified herein or
as the context may otherwise require, the following terms have the respective
meanings set forth below for all purposes of this
Agreement.

"30+ Day Delinquent Contract" means any Contract which is a
Delinquent Contract.

"30+ Day Delinquency Ratio" means, with respect to any
Origination Pool, the ratio of (i) the Outstanding Balance of all 30+ Day
Delinquent Contracts which are part of the related Origination Pool, to
(ii) the related Outstanding Origination Pool Collateral Balance on such
date of determination.

"Acknowledged Receivable File" shall have the meaning set
forth in the Servicing and Custodian Agreement.

"Acknowledgement of Custodian" means a notice substantially
in the form of Exhibit B to the Servicing and Custodian Agreement.

"Adjusted Average Coupon" means, for any Schedule of
Contracts, an amount equal to (i) the weighted average APR for the related
Contracts minus Expected Loss divided by (ii) Duration.

"Administrator" means E-LOAN, Inc., in its capacity as
administrator under the Servicing and Custodian Agreement, and its successors in
such capacity.

"Affiliate" of any specified Person means any other Person
controlling or controlled by or under common control with such specified Person.
For the purposes of this definition, "control" when used with respect
to any specified Person means the power to direct the management and policies of
such Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise; and the terms "controlling" or
"controlled" have meanings correlative to the foregoing.

"Aggregate Principal Balance" means, with respect to any
date and the Outstanding Contracts, the aggregate of the Principal Balances of
such Contracts as of such date.

"Agreement" means this Purchase and Sale Agreement, as
amended, restated or otherwise modified from time to time.

"Amount Financed" means, with respect to any Contract, the
aggregate principal amount of credit extended to the related Obligor in
connection with the purchase (or financing or refinancing of the purchase) of
the related Financed Vehicle including, without limitation, any taxes, insurance
and related costs financed in connection therewith, as set out in the Contract
Files.

"Annualized Net Loss" means, with respect to any
Origination Pool, an amount equal to the product of (i) 12 and
(ii) the quotient of (A) the Cumulative Net Losses, divided by
(B) the number of months elapsed since the acquisition of such Origination
Pool.

"Annualized Net Loss Ratio" means, with respect to any
Origination Pool, the ratio of (i) the amount of all Annualized Net Losses
with respect to such Origination Pool, to (ii) a quotient the numerator of
which is the sum of the current Outstanding Origination Pool Collateral
Balance and the Original Origination Pool Principal Balance and the denominator
of which is 2.

"APR" of a Contract means annual percentage rate and is the
annual rate of finance charges specified in such Contract.

"Assignments" means, collectively, each Sale and Assignment
and the original instrument of assignment of a Contract, the Title Documents and
all other documents securing such Contract made by the Seller to the Purchaser
which is in a form sufficient under the laws of the jurisdiction under which the
security interest in the related Financed Vehicle arises to permit the assignee
to exercise all rights granted by the Obligor under such Contract and such other
documents and all rights available under applicable law to the Obligee under
such Contract and which may, to the extent permitted by the laws of such
jurisdiction, be a blanket instrument of assignment covering other
Contracts.

"Base Case Price" means, for any Schedule of Contracts, a
price which is in a multiple of 10 basis points and is less than 5 basis points
from the Purchase Price.

"Basic Documents" means this Agreement, the Servicing and
Custodian Agreement and the Sale and Assignments.

"Benchmark Yield" means, for each Schedule of Contracts,
the amortizing swap rate.

"Black Book" means the guide published by National Auto
Research Div. as of such date of determination.

"Business Day" means any day that is not a Saturday, Sunday
or other day on which banking institutions in Oakland, California or New York,
New York are authorized or obligated by law, executive order or government
decree to remain closed.

"Buy Rate" means, with respect to any Contract, a rate
applicable to such Contract as set forth on the Buy Rate Matrix then in
effect.

"Buy Rate Matrix" means (i) initially, the Buy Rate
Matrix in the form of Exhibit B and (ii) from time to time after the
Initial Closing Date, the updated Buy Rate Matrix set by the Purchaser in
accordance with Section 6.03.

"Calendar Quarter" means each of the four quarters
resulting by dividing the calendar year into four units of three sequential
months, commencing in January of each year.

"Capital Stock" means any and all shares, interests,
participations or other equivalents (however designated) of capital stock of a
corporation, any and all equivalent ownership interests in a Person (other than
a corporation) including partnership interests and membership interests, and any
and all warrants, rights or options to purchase or other arrangements or rights
to acquire any of the foregoing.

"Change of Control" means, at any time, (i) any
"person" or "group" (within the meaning of Rules 13d-3 and
13d-5 under the Exchange Act) shall have (a) acquired beneficial ownership
of 51% or more on a fully diluted basis of the voting or economic interest in
the Capital Stock of the Seller or (b) obtained the power (whether or not
exercised) to elect a majority of the members of the board of directors (or
similar governing body) of the Seller or (ii) the majority of the seats
(other than vacant seats) on the board of directors (or similar governing body)
of the Seller cease to be occupied by individuals who either were
(a) members of the board of directors of the Seller on the Closing Date or
(b) nominated for election by the board of directors of the Seller, a
majority of whom were directors on the Initial Closing Date or whose election or
nomination for election was previously approved by a majority of such
directors.

"Closing Date" means, unless the context otherwise
requires, the Initial Closing Date and each Subsequent Closing Date.  Unless
otherwise agreed to by the Purchaser and the Seller, each Closing Date shall
occur on the Business Day next succeeding the delivery of a Sale and
Assignment.

"Collateral Value" means, with respect to a Financed
Vehicle that is a new vehicle, the applicable factory invoice, and with respect
to a Financed Vehicle that is pre-owned, the wholesale value of such Financed
Vehicle based on N.A.D.A., KBB or Black Book.

"Collection Account" means account number 62030 at Merrill
Lynch Bank (ABA 124084669, FBO: MLBUSA, Credit Globus Account 020 000 1141, Ref:
ELOAN P&I PAYMENTS) or such other account as the Purchaser shall from time
to time give written notice of to the Seller and the Servicer.

"Collection Period" means, with respect to any Servicer
Report Date, the period commencing on the first day of the month preceding the
month in which such Servicer Report Date occurs (or from, but excluding, the
initial Cut-Off Date in the case of the first Servicer Report Date) through the
last day of such preceding month.

"Commission" means the Securities and Exchange
Commission.

"Contract" means each direct loan evidenced by a note and
security agreement or installment loan agreement and security agreement
(including each PowerCheck® and Note and Security Agreement) and each other
agreement delivered in connection therewith or pursuant thereto, originated by
the Seller and transferred by the Seller to the Purchaser hereunder as listed on
the Schedule of Contracts to a Sale and Assignment executed pursuant to this
Agreement, which note and security agreement or installment loan agreement and
security agreement has been executed by an Obligor and pursuant to which such
Obligor purchased, financed, refinanced or pledged the Financed Vehicle
described therein, agreed to pay the deferred purchase price (i.e., the
purchase price net of any down payment) or amount borrowed, together with
interest, as therein provided in connection with such purchase or refinance
loan, granted a security interest in such Financed Vehicle and undertook to
perform certain other obligations specified in such Contract and which has been
conveyed to the Purchaser pursuant to this Agreement.

"Contract Category" means the categories into which
Contracts are divided for the purposes of calculating the Purchase Price based
on a combination of Credit Tier, Product and Term factors, as set forth on the
Buy Rate Matrix.

"Contract Documents" means, collectively, the following
documents or instruments:

(a)	with respect to a Contract for the purchase (including, for greater
certainty, a person-to-person purchase) of a Financed Vehicle by the related
Obligor, collectively, the following documents or instruments:

1. the original fully executed Contract (including, without limitation, each
PowerCheck® and Note and Security Agreement), together with all amendments
and other modifications thereto;
2. a true and complete copy of (i) the credit application of the related
Obligor (which may be a hard copy or in an electronic medium that may be
accessed by the Servicer) and (ii) the bill of sale with respect to Obligors
that have a FICO score under 700;
3. if there is a co-signer/co-obligor on the Contract, a true and complete copy
of the duly executed notice to co-signer/co-obligor delivered to the co-
signer/co-obligor as required by law, which notice is set forth in the related
Note and Security Agreement;
4. original fully executed promissory notes and true and complete copies of all
letters of credit, agreements, documents and instruments relating to,
evidencing, securing or guarantying the loan to the related Obligor;
5. within 180 days after the related Closing Date of such Contract, the
original certificate of title (which may be a hard copy or, if authorized by
applicable law, in an electronic medium that may be accessed by the Servicer)
for the related Financed Vehicle, indicating E-LOAN or the Purchaser as the sole
lienholder or legal owner thereof; and
6. any and all other documents (including, without limitation, all documents
required to be provided by Obligors under the PowerCheck® used in connection
with person-to-person purchase transactions) that E-LOAN shall keep on file, in
accordance with its customary procedures, relating to the Contracts and the
related Financed Vehicle or the related Obligor.

(b)	with respect to a Contract for the refinance or lease-buy-out of a
Financed Vehicle by the related Obligor:

1. the original fully executed Contract (including, without limitation, each
PowerCheck® and Note and Security Agreement), together with all amendments
and other modifications thereto;
2. a true and complete copy of (i) the credit application of the related
Obligor (which may be a hard copy or in an electronic medium that may be
accessed by the Servicer) and (ii) the bill of sale with respect to Obligors
that have a FICO score under 700;
3. if there is a co-signer/co-obligor on the Contract, a true and complete copy
of the duly executed notice to co-signer/co-obligor delivered to the co-
signer/co-obligor as required by law, which notice is set forth in the related
Note and Security Agreement;
4. original fully executed promissory notes and true and complete copies of all
letters of credit, agreements, documents and instruments relating to,
evidencing, securing or guarantying the loan to the related Obligor;
5. within 180 days after the related Closing Date of such Contract, the
original certificate of title (which may be a hard copy or, if authorized by
applicable law, in an electronic medium that may be accessed by the Servicer)
for the related Financed Vehicle, indicating E-LOAN or the Purchaser as the sole
lienholder or legal owner thereof; and
6. any and all other documents that E-LOAN shall keep on file, in accordance
with its customary procedures, relating to the contract, the related Obligor or
the related Financed Vehicle, including, without limitation, any record, in a
format acceptable to the Purchaser (e.g., compact disc), of each draft executed
by a prior lender/lienholder setting forth the acknowledgment by such
lender/lienholder of the release of its lien.

"Contract Files" means the Contract Documents and all other
papers, documents and computerized records customarily kept by the Seller in
relation to contracts and loans comparable to the Contracts.

"Contract Number" means, with respect to any Contract, the
number assigned to such Contract by the Purchaser, which number is set forth in
the related Schedule of Contracts.

"Credit Tier" means one of the seven credit tier categories
into which a Contract is classified, as more particularly set forth on the Buy
Rate Matrix.

"Cumulative Net Losses" means, as of any date of
determination, with respect to any Origination Pool, the difference between
(i) the aggregate amount of all Defaulted Contracts in such Origination
Pool and (ii) any Recoveries in respect of the Defaulted Contracts in such
Origination Pool.

"Custodian" means SST, in its capacity as Custodian under
the Servicing and Custodian Agreement, and its successors in such capacity.

"Cut-Off Date" means, with respect to (i) the Initial
Closing Date, the day upon which the Seller delivers the first Sale and
Assignment and (ii) each Subsequent Closing Date, the Business Day
immediately preceding such Subsequent Closing Date.

"Debt" means, as of any date, without duplication, all
indebtedness or other obligations of the Seller (i) which, in accordance
with GAAP, would be included in determining total liabilities as reflected on
the liabilities side of a balance sheet of the Seller at such date and
(ii) for borrowed money or for the deferred purchase price of property or
services.

"Default" means any event that with the giving of notice,
the lapse of time or both would become an Event of Default.

"Defaulted Contract" means, with respect to any Contract,
the earlier to occur of (i) at least one payment (or any portion thereof)
is more than 120 days past due pursuant to the terms thereof, (ii) the
related Financed Vehicle has been liquidated or (iii) if such Contract is
subject to a first payment default, the Servicer is duly instructed by the
Purchaser to charge-off the outstanding balance.

"Delinquent Contract" means any Contract for which the
payment received by the Servicer on or before the related Due Date is $25 less
than the Monthly Payment, excluding late fees.

"Discount Duration" means, for each Schedule of Contracts,
Duration amount multiplied by 110%.

"Due Date" means, with respect to any Contract, the date
upon which a Monthly Payment is due.

"Duration" means, for each Schedule of Contracts, the
weighted average of the numbers set forth under the heading "Duration"
on the Buy Rate Matrix for each related Contract Category.

"Eligibility Criteria" means, with respect to any Contract
(and the related Financed Vehicle), the criteria set forth in Schedule V,
as such Schedule may be amended from time to time with the mutual consent of the
Seller and the Purchaser.

"Event of Default" means an event specified in
Section 5.01.

"Exchange Act" means the Securities Exchange Act of
1934.

"Expected Loss" means, for each Schedule of Contracts, the
weighted average of the percentages set forth under the heading "Loss"
on the Buy Rate Matrix for each related Contract Category.

"FICO" means statistical credit scores based on methodology
developed by Fair, Isaac & Company, and which are obtained by lenders
in connection with loan applications to help assess a borrower's
creditworthiness.

"Financial Covenant Report" means a report setting forth
the calculations of the Financial Covenants for the related Collection Period
substantially in the form of Schedule II.

"Financial Covenants" means the covenants set forth in
Section 4.06(a).

"Financed Vehicle" means, as to any Contract, a new or pre-
owned motorcycle, passenger automobile, sport utility vehicle, light-duty truck,
van or minivan, together with all accessions thereto, securing the related
Obligor's indebtedness under such Contract.

"Fitch" means Fitch Ratings.

"Full Prepayment" means, with respect to (i) any
Contract (other than a Contract that (A) was a Defaulted Contract and with
respect to which the related Financed Vehicle was repossessed and, after any
cure period required by law has expired, the Servicer has charged-off any losses
prior to the end of the four-month period referred to in clause (C),
(B) has been paid in full on or after its Maturity Date or (C) has
become delinquent as to all or part of at least four payments of Monthly
Payment), payment by or on behalf of the Obligor of the total amount required by
the terms of such Contract to be paid thereunder, which amount shall be at least
equal to the sum of (a) 100% of the Principal Balance of such Contract,
(b) interest accrued thereon to the date of such payment at the related APR
and (c) any overdue amounts or (ii) any other Contract, payment of the
Repurchase Amount by the Seller in connection with the purchase of such Contract
pursuant to Section 3.02, 3.03 or 3.04.

"Funding Period" means the period beginning on the Closing
Date and ending on the earliest to occur of (i) the Scheduled Termination
Date and (ii) the 60th day after the date on which the Purchaser
shall give the Seller notice of the termination of this Agreement in accordance
with Section 5.01.

"GAAP" means generally accepted accounting principles in
the United States as consistently applied.

"Initial Closing Date" means July 14, 2004.

"Insolvency Event" means, with respect to a specified
Person, (i) the entry of a decree or order for relief by a court or
regulatory authority having jurisdiction in respect of such Person in an
involuntary case under the federal bankruptcy laws, as now or hereafter in
effect, or any other present or future, federal or State, bankruptcy, insolvency
or similar law, or appointing a receiver, liquidator, assignee, custodian,
trustee, sequestrator or other similar official for such Person or for any
substantial part of its property, or ordering the winding-up or liquidation of
such Person's affairs, and the continuance of any such decree or order unstayed
and in effect for a period of 60 consecutive days, (ii) the commencement of
an involuntary case under the federal bankruptcy laws, as now or hereinafter in
effect, or any other present or future federal or State bankruptcy, insolvency
or similar law and such case is not dismissed within 60 days or (iii) the
commencement by such Person of a voluntary case under the federal bankruptcy
laws, as now or hereinafter in effect, or any other present or future federal or
State, bankruptcy, insolvency or similar law, or the consent by such Person to
the appointment of or taking possession by a receiver, liquidator, assignee,
custodian, trustee, sequestrator or other similar official for such Person or
for any substantial part of its property, or the making by such Person of an
assignment for the benefit of creditors or the failure by such Person generally
to pay its debts as such debts become due or the taking of corporate action by
such Person in furtherance of any the foregoing.

"Insurance Proceeds" means proceeds paid pursuant to any
comprehensive and collision insurance policy and amounts (exclusive of any
rebated insurance premiums) paid by any insurer under any other insurance policy
related to a Financed Vehicle, a Contract or an Obligor.

"KBB" means any current Kelly Blue Book Official Guide
published by Kelley Blue Book as of such date of determination.

"Lien" means, with respect to any Contract, Financed
Vehicle or other property, a security interest, lien, charge, pledge, equity or
encumbrance of any kind.

"Loan-to-Value Ratio" means, with respect to a Contract, a
quotient (expressed as a percentage), the numerator of which is the Amount
Financed and the denominator of which is the Collateral Value of the related
Financed Vehicle.

"Loss Ratio" means, for each Servicer Report Date, with
respect to all of the Contracts, the ratio, expressed as a percentage, equal to
the (i) Cumulative Losses divided by (ii) aggregate Principal Balance
of all of the Contracts as of their respective Cut-Off Dates.

"Maturity Date" means, with respect to any Contract, the
Due Date on which the last scheduled payment of such Contract shall be due and
payable (after giving effect to all Prepayments received prior to the date of
determination), as such date may be extended pursuant to the Servicing
Procedures.

"Merrill Lynch Bank" means Merrill Lynch Bank USA.

"Monthly Payment" means, with respect to any Contract, the
amount of each monthly payment of principal and interest payable to the related
Obligee in accordance with the terms thereof on the Due Date specified
therein.

"Monthly Servicer Report" means a report substantially in
the form attached as Exhibit D to the Servicing and Custodian
Agreement.

"Moody's" means Moody's Investors Service, Inc.

"N.A.D.A." means any current N.A.D.A. Appraisal Guide
published by NADA Appraisal Guides, Inc. as of such date of
determination.

"Net Excess Spread" means, for each Schedule of Contracts,
an amount equal to (i) the Adjusted Average Coupon minus (ii) the sum
of the (A) Servicing Fee, (B) Benchmark Yield and (C) Required
Spread.

"Note and Security Agreement" means a Note and Security
Agreement originated by the Seller to an Obligor for the refinancing or purchase
of a vehicle, substantially in the form set forth as Exhibit D hereto.

"Notice of Repurchased Contract" means a Notice of
Repurchased Contract substantially in the form of Exhibit E hereto.

"Obligee" means the Person to whom an Obligor is indebted
under a Contract.

"Obligor" means the consumer and any other Person who owes
payments under the Contract in respect of the purchase or refinancing of a
Financed Vehicle.

"Officers' Certificate" means a certificate signed by the
chairman, the president or a vice president, and by the treasurer, an assistant
treasurer, the controller, an assistant controller, the secretary or an
assistant secretary of any Person delivering such certificate and delivered to
the Person to whom such certificate is required to be delivered.

"Opt Out Contracts" means, with respect to any given
Contract Category, the Purchaser has revised the Buy Rate Matrix resulting in a
decrease in the Purchase Price by more than 10% within a Calendar Quarter and
for which the Seller has designated the Contracts in such Contract Category as
not available for sale on the next Business Day following the day on which the
greater than 10% decrease in the Purchase Price was reached.  To the extent that
the Seller does not elect to designate an Opt Out Contract, a new measured
period will begin the following Calendar Quarter.

"Original Origination Pool Principal Balance" means, as of
any date of determination, with respect to the Contracts forming part of an
Origination Pool, the Aggregate Principal Balance of such Contracts on the
related date of purchase.

"Origination Pool" means each pool of Contracts sold to the
Purchaser hereunder grouped by Calendar Quarter of the acquisition by the
Purchaser, provided, however, the first Origination Pool shall consist of all
Contracts sold to the Purchaser from the Initial Closing Date through the last
day of the Calendar Quarter in which the Initial Closing Date occurs.  All
Contracts sold to the Purchaser during each Calendar Quarter shall constitute a
separate and distinct Origination Pool.

"Outstanding" means, with respect to a Contract and any
time of reference, a Contract (i) that has not been the subject of Full
Prepayment, (ii) that has not reached its Maturity Date, (iii) that
has not been repurchased pursuant to Section 3.02, 3.03 or 3.04 hereof and
(iv) as to which the related Financed Vehicle has not been repossessed and
sold.

"Outstanding Balance" means, in respect of any Contract at
any date of calculation, the Original Principal Balance owing by the related
Obligor less all payments of principal received from time to time in respect of
such Contract as of the opening of business on such date of determination.

"Outstanding Origination Pool Collateral Balance" means, as
of any date of determination, with respect to the Contracts forming part of the
related Origination Pool, the aggregate Outstanding Balance of all such
Contracts forming part of such Origination Pool on such day less the aggregate
principal balance of all Defaulted Contracts forming part of such Origination
Pool on such day.

"Payment-to-Income Ratio" means a quotient (expressed as a
percentage), the numerator of which is an Obligor's Monthly Payment for a
Financed Vehicle under the related Contract and the denominator of which is such
Obligor's monthly income.

"Performance Termination Event" means at any time one or
more of the following events shall occur, and shall continue unremedied for a
period of 30 days: (i) the 30+ Day Delinquency Ratio for any Origination
Pool shall exceed 2.5% for one or more Origination Pools with an aggregate
Outstanding Origination Pool Collateral Balance of more than 25% of the
Aggregate Principal Balance; (ii) the aggregate Outstanding Origination
Pool Collateral Balance of all 30+ Day Delinquent Contracts in any one
Origination Pool shall exceed 4.0% of the Outstanding Origination Pool
Collateral Balance for such Origination Pool; (iii) the Annualized Net Loss
Ratio for any Origination Pool shall exceed 1.0% for one or more Origination
Pools with an aggregate Outstanding Origination Pool Collateral Balance of more
than 25% of the Aggregate Outstanding Balance; or (iv) the aggregate
Outstanding Origination Pool Collateral Balance of all Annualized Net Losses in
any one Origination Pool shall exceed 2.0% of the Outstanding Origination Pool
Collateral Balance of such Origination Pool.

"Performance Termination Event Information" means the
information included in the Monthly Servicer Report.

"Person" means a legal person, including any individual,
corporation, estate, partnership, joint venture, association, limited liability
company, joint stock company, trust, unincorporated organization or government
or any agency or political subdivision thereof.

"PowerCheck®" means the
PowerCheck® form attached as Exhibit C hereto.

"Premium Duration" means, for each Schedule of Contracts,
the Duration amount multiplied by 90%.

"Prepayment" means, with respect to any Contract, payment
(i) to the Servicer of an amount of principal in excess of the amount then
due or (ii) by the Seller of the Repurchase Amount in connection with the
purchase of such Contract pursuant to Section 3.02, 3.03 or 3.04, as the
case may be.

"Principal Balance" means the actual principal balance of a
Contract under the terms thereof.

"Product" means one of the five product categories into
which a Contract is classified, as more particularly set forth on the Buy Rate
Matrix.

"Purchase Price" means, for each Schedule of Contracts, an
amount equal to the sum of (A) the Base Case Price and (B) (i) if
the Net Excess Spread is positive, the Net Excess Spread multiplied by the
Premium Duration or (ii) if the Net Excess Spread is negative, the Net
Excess Spread multiplied by the Discount Duration.

"Purchaser" means Merrill Lynch Bank USA.

"Rebates" means, for each Collection Period, if any one
Contract Category carries an aggregate Purchase Price of greater than 105% of
aggregate Amount Financed, the Seller shall rebate to the Purchaser the amount
of such excess.

"Recoveries" means, with respect to any Contract that has
become a Defaulted Contract, all monies collected by the Servicer, the Purchaser
or the Administrator (from whatever source, including but not limited to
proceeds of a deficiency balance or insurance proceeds) on such Defaulted
Contract, net of any expenses incurred by the Servicer in connection therewith
and any payments required by law to be remitted to the Obligor.

"Refinanced Contract" means a Contract for the refinance of
a Financed Vehicle by the related Obligor.

"Representatives" means, with respect to the Seller, the
Servicer, the Custodian or the Purchaser, each of their respective directors,
officers, employees, agents, counsel, auditors and other representatives.

"Repurchase Amount" means, with respect to any Repurchased
Contract, the Principal Balance of such Contract as of the date of such
repurchase plus accrued interest at the related APR through the date of such
repurchase.

"Repurchased Contract" means a Contract repurchased by the
Seller pursuant to Section 3., 3.03 or 3.04.

"Required Spread" means, for each Schedule of Contracts,
the sum of (A) the weighted average of the percentages set forth under the
heading "Required Spread" in the Buy Rate Matrix for each related
Contract Category and (B) the additional spread calculated based on the
required premium of the Base Case Price and the expected amortization schedule
of the Schedule of Contracts.

"S&P" means Standard & Poor's Ratings
Services, a Division of The McGraw-Hill Companies.

"SST" means System & Services
Technologies, Inc. and its successors and permitted assigns.

"Sale and Assignment" means the certificate of an officer
of E-LOAN delivered in connection with a sale of Contracts, substantially in the
form of Exhibit A.

"Schedule of Contracts" means a schedule substantially in
the form of, and containing the information required by, Schedule III to
this Agreement.

"Scheduled Termination Date" means the second anniversary
of the Initial Closing Date.

"Securitization" means any (i) financing transaction
undertaken by the Purchaser or a Special Purpose Affiliate that is secured,
directly or indirectly, by all or a portion of the Contracts and any financing
undertaken in connection with the issuance, pledge or assignment of all or a
portion of the Contracts or the Purchaser's or a Special Purpose Affiliate's
interest therein, as the case may be, (ii) sale or other transfer by the
Purchaser or a Special Purpose Affiliate in all or a portion of the Contracts or
(iii) other asset securitization, secured loan, financing or similar
transaction involving all or a portion of the Contracts, including any sale to
or otherwise involving any conduit.

"Seller" means E-LOAN in its capacity as the Seller of
Contracts under this Agreement, and each successor thereto (in the same
capacity) pursuant to Section 4.03.

"Servicer" means SST, in its capacity as servicer under the
Servicing and Custodian Agreement and its successors in such capacity.

"Servicer Report Date" means the 10th day of
each month, or if that day is not a Business Day, the next following Business
Day, commencing August 10, 2004.

"Servicing and Custodian Agreement" means the Servicing and
Custodian Agreement, dated as of July 14, 2004, among SST, as Servicer and
as Custodian, Merrill Lynch Bank and E-LOAN, Inc., as Administrator, as
amended, restated or otherwise modified from time to time.

"Servicing Fee" means, for each Schedule of Contracts, the
weighted average of the percentages set forth under the heading "Servicing
Fee" in the Buy Rate Matrix for each related Contract Category subject to a
floor of 0.47%.

"Servicing Procedures" means the Servicing Procedures set
forth as Exhibit A to the Servicing and Custodian Agreement.

"Servicing Standard" means that the Contracts shall be
serviced in accordance with customary and usual procedures of financial
institutions which service direct loans of Financed Vehicles evidenced by note
and security agreements or installment loan agreements and, to the extent more
exacting, the use and exercise of that degree of skill and attention that the
Servicer exercises from time to time with respect to comparable motor vehicle
contracts and loans serviced by it for itself or others, in compliance with all
applicable federal, State and local laws and regulations governing the Servicer
and the Contracts and related assets and otherwise act with respect to the
Contracts and related assets in such manner as will maximize the amount to be
received with respect thereto.

"Special Purpose Affiliate" means a special purpose entity
that is an Affiliate of the Purchaser and was created for the purpose of one or
more Securitizations.

"State" means any one of the 50 states of the United States
or the District of Columbia.

"Subsequent Closing Date" means each Closing Date other
than the Initial Closing Date.

"Tangible Net Worth" means, with respect to the Seller,
total assets minus all indebtedness, obligations or liabilities of the Seller
(excluding indebtedness, obligations or liabilities which are subordinated to
obligations of the Seller to Merrill Lynch Mortgage Capital Inc.) all
determined in accordance with GAAP; provided, however, for purposes of any
computation of Tangible Net Worth, "assets" shall not include
(i) goodwill (whether representing the excess of cost over book value of
assets acquired or otherwise), (ii) patents, trademarks, trade names,
copyrights, and franchises, (iii) Debt owed by any Affiliate of the Seller,
and (iv) all other similar assets which would be classified as intangible
assets under GAAP.

"Term" means the number of months from the origination of
the Contract to the Maturity Date of the Contract.

"Title Document" means, with respect to any Financed
Vehicle, the certificate of title for, or other evidence of ownership of, such
Financed Vehicle issued by the registrar of titles in the jurisdiction in which
such Financed Vehicle is registered.

"UCC" means the Uniform Commercial Code as in effect in the
applicable jurisdiction.

"Underwriting Guidelines" means, with respect to each
Obligor under any Contract, that such Obligor met the criteria set forth in
Schedule VI, as such Schedule may be amended from time to time with the mutual
consent of the Seller and the Purchaser.

"United States" means the United States of
America.

Section 1.02.  
Usage of Terms.  With respect to all terms in this
Agreement, unless the context otherwise requires: (i) a term has the
meaning assigned to it; (ii) an accounting term not otherwise defined has
the meaning assigned to it in accordance with generally accepted accounting principles as in effect from time to time in the
United States; (iii) "or" is not exclusive;
(iv) "including" means including without limitation;
(v) words in the singular include the plural and words in the plural
include the singular; (vi) any agreement, instrument or statute defined or
referred to herein or in any instrument or certificate delivered in connection
herewith means such agreement, instrument or statute as from time to time
amended, modified or supplemented and includes (in the case of agreements or
instruments) references to all attachments thereto and instruments incorporated
therein; (vii) references to a Person are also to its successors and permitted assigns; (viii) the words
"hereof," "herein" and "hereunder" and words of
similar import when used in this Agreement shall refer to this Agreement as a
whole and not to any particular provision of this Agreement;
(ix) Section, subsection, Schedule and Exhibit,
as applicable, references contained in this Agreement are references to
Sections, subsections, Schedules and Exhibits in or
to this Agreement unless otherwise specified; and (x) references to
"writing" include printing, typing, lithography and other means of
reproducing words in a visible
form.

Section 1.03.  
Calculations.  Except as otherwise provided herein,
all interest rate and basis point calculations hereunder shall be carried out to
at least five decimal places and will be made on the basis of a 365-day year and
the actual number of days elapsed from, and including, the immediately preceding
date through which interest has been
calculated.

ARTICLE TWOCONVEYANCE OF
CONTRACTS

Section 2.01.  
Conveyance of
Contracts.

1. On each Closing Date during the Funding Period, the Purchaser shall purchase
from Seller all Contracts offered by the Seller to the Purchaser in the manner
set forth in this Article.  In consideration of the Purchaser's delivery to or
upon the order of the Seller of the Purchase Price set forth in the related Sale
and Assignment, and subject to the terms and conditions hereof, the Seller
hereby sells, grants, transfers, assigns and otherwise conveys to the Purchaser,
without recourse (except as expressly provided in Sections 3.02, 3.03 and
3.04), and the Purchaser hereby agrees to purchase, all of its right, title and
interest in, to and under:
2. the Contracts listed in the Schedule of Contracts attached to or delivered
with the Sale and Assignment;
3. all payments received after the related Cut-Off Date (including any interest
that has accrued to that Cut-Off Date whether received in whole or in part,
whether related to a current, future or prior Due Date, whether paid voluntarily
by an Obligor or received in connection with the realization of the amounts due
and to become due under any Defaulted Contract or upon the sale of any property
acquired in respect thereof);
4. all Insurance Proceeds with respect to any Financed Vehicle to which a
Contract relates received after the related Cut-Off Date and all other proceeds
received on or in respect of such Contracts (other than payments received on or
prior to the applicable Cut-Off Date);
5. the Contract Files;
6. any and all security interests of the Seller in the Financed Vehicles, and
the right to receive proceeds from claims on certain insurance policies covering
the Financed Vehicles or the related Obligors; and
7. all proceeds in any way delivered with respect to the foregoing, all rights
to payments with respect to the foregoing and all rights to enforce the
foregoing;
8. On each Cut-Off Date, the Seller shall deliver to the Purchaser a Sale and
Assignment together with a Schedule of Contracts.  Notwithstanding
Section 3.01(b)(xxiii), a Schedule of Contracts may include Contracts that
have been specifically selected by the Seller and described as such; provided,
however, that the Purchaser has no obligation to purchase such Contracts.  The
Seller may submit a Sale and Assignment on any Business Day.
9. Subject to satisfaction of the conditions in Section 2.03, not later
than 12:00 p.m., Pacific Time, on each Closing Date the Purchaser shall
deliver to or upon the order of the Seller the Purchase Price for the Contracts
identified on the related Schedule of Contracts.  Such payment shall be made in
immediately available funds in accordance with the funding instructions set
forth on the related Sale and Assignment.
10. The Contracts are being sold on a servicing released basis.  Except for the
obligations of the Seller set forth herein, the Purchaser shall be responsible
for the management, servicing, administration and collection on the
Contracts.
11. It is the intention of the Seller and the Purchaser that each sale, transfer
and assignment of Contracts, the security interest in the related Financed
Vehicles and related property made pursuant to Section 2.01(a) shall constitute
a sale of such property from the Seller to the Purchaser, conveying good title
to the property free and clear of Liens, and such property shall not be part of
the Seller's estate in the event of the filing of a bankruptcy petition by or
against the Seller under any bankruptcy or similar law.  However, in the event
that any such sale, transfer and assignment is characterized by a court as a
loan by the Purchaser to the Seller, the Seller hereby grants, pledges and
assigns to the Purchaser a first priority security interest in all of the
Seller's right, title and interest in, to and under such property, to secure a
loan deemed to have been made by the Purchaser to the Seller as security for
such loans and for the payment and performance of all obligations of the Seller
hereunder.

Section 2.02.  
Initial Closing Date.  This Agreement shall become
effective on the Initial Closing Date so long as each of the following
conditions precedent have been satisfied to the Purchaser's
satisfaction:

1. The Purchaser shall have received the following, in each case, unless
otherwise noted, dated as of the Initial Closing Date:
2. copies of the articles of incorporation of E-LOAN, certified by the
Secretary of State of the State of Delaware, together with a good standing
certificate from the Secretary of State of the State of Delaware and each other
jurisdiction in the United States in which E-LOAN is qualified to do business
and a certificate or other evidence of good standing as to payment of any
applicable franchise or similar taxes from the appropriate taxing authority of
its jurisdiction of organization, each dated a recent date prior to the Initial
Closing Date;
3. resolutions of the board of directors (or any duly authorized committee
thereof) of E-LOAN approving and authorizing the execution, delivery and
performance by it of the Basic Documents, certified as of the Initial Closing
Date by the secretary of E-LOAN as being in full force and effect without
modification or amendment;
4. signature and incumbency certificates of the officers of E-LOAN executing
this Agreement;
5. executed original of this Agreement and the Sale and Custodian Agreement;
and
6. such other documents as the Purchaser may reasonably request.
7. The Purchaser shall have received an Officers' Certificate from E-LOAN dated
as of the Initial Closing Date to the effect that:
8. each representation and warranty of E-LOAN contained in this Agreement is
true and correct on and as of such day as though made on and as of such date;
and
9. no event has occurred and is continuing, or would result from the
transactions contemplated by this Agreement, that constitutes a
Default.
10. The Purchaser shall have received executed copies of one or more favorable
written opinions of counsel for E-LOAN, in form and substance satisfactory to
the Purchaser and its counsel, dated as of the Initial Closing Date and covering
substantially such matters as the Purchaser may reasonably request.
11. All corporate and other proceedings taken or to be taken in connection with
the transactions contemplated hereby and all documents incidental thereto shall
be satisfactory in form and substance to the Purchaser, and the Purchaser shall
have received all such counterpart originals or certified copies of such
documents as the Purchaser may reasonably request.
12. The Purchaser shall have received copies of file stamped UCC-1 financing
statements naming the Seller as debtor and seller and the Purchaser as secured
party and purchaser describing the Contracts, the Financed Vehicles, all other
collateral sold to the Purchaser pursuant to this Agreement and all proceeds of
the foregoing with the office of the Secretary of State of the State of
Delaware.

Section 2.03.  
Closing Date.  The sale, transfer and assignment of
Contracts, the interest of the Seller in the Financed Vehicles and the other
property and rights related thereto described in Section 2.01 on any
Closing Date shall be subject to the satisfaction of each of the following
conditions as of the related Closing
Date:

1. The Seller shall have electronically delivered to the Purchaser a duly
executed Sale and Assignment not later than 8:30 a.m., Pacific time, on the
related Cut-Off Date and such Sale and Assignment shall be irrevocable.
2. The Seller shall have delivered to the Custodian, on behalf of the
Purchaser, the Contracts to be purchased on such Closing Date and the related
Contract Files and the Purchaser shall have received an executed Acknowledgment
of Custodian for the related Contracts.
3. The Seller shall not be insolvent nor will it be made insolvent by such
transfer nor be aware of any such pending insolvency.
4. The Funding Period shall not have terminated.
5. The purchase of the related Contracts on such Closing Date will not violate
any law, statute, rule or regulation applicable to the Purchaser.
6. The representations and warranties of the Seller contained in this Agreement
and each other Basic Document are true and correct on and as of the Closing Date
as though made on and as of such date.
7. No change in the Underwriting Guidelines which materially and adversely
affects the interests of the Purchaser under the Contracts shall have
occurred.
8. No event has occurred and is continuing, or would result from the
transactions contemplated by this Agreement and the related Sale and Assignment,
that constitutes a Default or an Event of Default.

ARTICLE THREETHE
CONTRACTS

Section 3.01.  
Representations and Warranties of the Seller.  As of
the Initial Closing Date and on each Subsequent Closing Date, the Seller makes
the following representations and warranties on which the Purchaser is deemed to
have relied in acquiring the Contracts.  Such representations and warranties
speak as of the effective date of this Agreement, the date of execution and
delivery of each Sale and Assignment hereunder and as of the applicable Closing
Date, as the case may be, but shall survive the sale, transfer and assignment of
the Contracts to the
Purchaser.

1. As to the Seller:
2. Organization and Good Standing
3. Power and Authority
4. Binding Obligation
5. Governmental Consents
6. No Violation
7. No Tax Liens
8. No Proceedings
9. Other Consents
10. As to each Contract listed on a Schedule of Contracts, the following
representations and warranties shall speak as of the related Closing Date,
unless an earlier date is otherwise specified in which case such representations
and warranties shall speak as of such earlier date:
11. Schedule of Contracts
12. Security Interests
13. Title Documents
14. Title to the Contracts
15. Dollar Denominated; Current in Payment
16. Tax Liens
17. Rescission, Offset, Etc.
18. Mechanics' Liens
19. Compliance with Laws
20. Valid and Binding
21. Enforceability
22. No Default
23. Insurance
24. Acquisition of Contract
25. Level Payments; Finance Charge
26. One Original
27. Identification
28. Principal Balance
29. Location of Contract Files
30. No Government Entity Obligor
31. Chattel Paper
32. Priority of Interest
33. No Adverse Selection
34. No Extensions
35. Repossession
36. Prepayment of Contracts
37. No Consent; No Bulk Transfer Law Violation
38. Refinanced Contracts

Section 3.02.  
Repurchase of Certain
Contracts.

1. The representations and warranties of the Seller set forth in
Section 3.01 with respect to each Contract shall survive delivery of the
related Contract Files to the Purchaser and shall continue until the termination
of this Agreement.  Upon discovery by the Seller, the Purchaser or the Servicer
that any of the representations and warranties in Section 3.01 was
incorrect as of the time made or that any of the Contract Documents relating to
any Contract has not been properly executed by the Obligor or contains a
material defect or has not been received by the Custodian, the Seller or the
Purchaser, as the case may be, making such discovery shall give prompt notice to
the other.  If any such defect, incorrectness or omission materially and
adversely affects the interest of the Purchaser, the Seller shall cure the
defect or eliminate or otherwise cure the circumstances or condition in respect
of which such representation or warranty was incorrect as of the time made.  If
the Seller is unable to do so by the last day of the Collection Period following
the Collection Period during which the Seller becomes aware of or receives
notice from the Purchaser or the Servicer of such defect, incorrectness or
omission, it shall repurchase such Contract on or before (as the Seller may
elect) the last Business Day of such Collection Period from the Purchaser for an
amount equal to the related Repurchase Amount in the manner set forth in
Section 3.02(b).  Upon any such repurchase, the Purchaser shall execute and
deliver such instruments of transfer or assignment, in each case without
recourse, as shall be necessary to vest in the Seller title to the Contract so
repurchased; such instruments of transfer or assignment to be prepared by the
Seller at the Seller's expense.  Subject to Section 5.01, the sole remedy
of the Purchaser with respect to a breach of the Seller's representations and
warranties pursuant to Section 3.01 shall be to enforce the Seller's
obligation to repurchase Contracts pursuant to this Section; provided, however,
that the Seller shall indemnify the Purchaser against all costs, expenses,
losses, damages, claims and liabilities, including reasonable fees and expenses
of counsel, which may be asserted against or incurred as a result of third-party
claims arising out of the events or facts giving rise to such breach.  Any costs
or expenses incurred by the Purchaser, including reasonable fees and expenses of
counsel, in connection with the transfer or assignment of Contracts back to the
Seller, shall be reimbursed by the Seller within two Business Days of receipt of
an invoice from the Purchaser.  This Section shall survive the termination of
this Agreement.
2. The Seller shall remit to the Collection Account the Repurchase Amount for
each Repurchased Contract to be repurchased by it on the Business Day preceding
the Servicer Report Date following the end of the Collection Period in which the
related Contract is required to be repurchased.  Upon repurchase of such
Repurchased Contracts, E-LOAN shall execute and deliver to the Custodian, as
acknowledged by the Purchaser, a Notice of Repurchased Contract.

Section 3.03.  
Collecting Title Documents Not Delivered at the Closing
Date.  The Seller shall use its best efforts to collect such Title Document
from the registrar of titles as promptly as possible and shall deliver such
Title Documents promptly to the Custodian.  The Seller shall deliver to the
Purchaser on each Servicer Report Date, a schedule of Title Documents for the
related Financed Vehicles which, as of the last day of the related Collection
Period, or as of the related Closing Date in the case of the first Servicer
Report Date, do not show the Seller as first lienholder.  If any such Title
Document showing the Seller as first lienholder is not received by the Purchaser
or its agent within 180 days after the related Closing Date, then the
representation and warranty in Section 3.01(b)(iii) in respect of such
Contract shall be deemed to have been incorrect in a manner that materially and
adversely affects the Purchaser and on such 180th day, the Seller
shall remit to the Collection Account the Repurchase Amount in respect of the
related Contract.

Section 3.04.  
Collecting Original PowerCheck®.  The
Seller shall use its best efforts to collect such PowerCheck® as
promptly as possible and shall deliver such PowerCheck® Contracts
promptly to the Custodian.  If an original PowerCheck® or an
affidavit of destruction of the PowerCheck® is not delivered
within 90 days following origination of the related Contract, then the
representation and warranty in Section 3.01(b)(xvi) in respect of such
Contract shall be deemed to have been incorrect in a manner that materially and
adversely affects the Purchaser and on such 90th day, the Seller
shall remit to the Collection Account the Repurchase Amount in respect of the
related Contract.

Section 3.05.  
Contract Information.  The Seller shall retain all
data (including computerized title records) relating directly to, or maintained
in connection with, the origination of the Contracts at the address of the
Seller set forth in Section 6.05 or, upon 15 days' notice to the Purchaser,
at such other place where the principal offices of the Seller are located, and
shall give the Purchaser access to all data
(including computerized title records) at all reasonable times.  On each Closing
Date, or more frequently as the Purchaser may request, the Seller shall deliver to or at the direction of the Purchaser all data
(including computerized title records and, to the extent transferable, related operating software)
relating to the origination of the Contracts including the items listed in Part
I of Schedule IV.  The Seller and the Purchaser shall implement such physical
and other security measures as shall be necessary to (i) ensure the
security and confidentiality of the "nonpublic personal information"
of each Obligor, (ii) protect against any threats or hazards to the
security and integrity of such nonpublic personal information and
(iii) protect against any unauthorized access to or use of such nonpublic
personal
information.

Section 3.06.  
Access to Certain Documentation and Information Regarding
Contracts.  Notwithstanding any other provision of this Agreement, the
Seller shall provide to the Purchaser reasonable access to its premises to
inspect, audit and make copies of and abstracts from the Seller's records
regarding the Contracts.  Access shall be afforded without charge, but only upon
reasonable request and notice during normal business hours at designated offices
of the Seller.  In addition to the foregoing, the
Seller shall comply with any of the Purchaser's bank regulatory examination
requests; provided, the costs and expenses relating to each such review shall be
paid by the
Purchaser.

ARTICLE FOURTHE
SELLER

Section 4.01.  
Corporate Existence.  During the term of this
Agreement, the Seller will keep in full force and effect its existence, rights
and franchises as a corporation under the laws of the State of Delaware and will
obtain and preserve its qualification to do business in each jurisdiction in
which such qualification is or shall be necessary to protect the validity and
enforceability of this Agreement, and each other instrument or agreement
necessary or appropriate to the proper administration of this Agreement and the
transactions contemplated hereby.  All transactions and dealings between the
Seller and its Affiliates will be conducted on an arm's-length
basis.

Section 4.02.  
Liability of Seller; Indemnities.  The Seller shall
be liable in accordance herewith only to the extent of the obligations
specifically undertaken by such Seller under this
Agreement.

1. The Seller shall indemnify, defend and hold harmless the Purchaser from and
against any taxes that may at any time be asserted against the Purchaser with
respect to the origination, ownership, income received on, or gross receipts
related to the Contracts with respect to any period of time through the Cut-Off
Date related to each Contract and costs and expenses in defending against the
same.
2. The Seller shall indemnify, defend and hold harmless the Purchaser from and
against any loss, liability, claim, damage or expense arising out of or incurred
in connection with (i) the Seller's willful misfeasance, bad faith or
negligence (other than errors in judgment) in the performance of its duties
under this Agreement, (ii) the acceptance or performance of the duties
herein, except to the extent that such cost, expense, loss, claim, damage or
liability shall be due to the willful misfeasance, bad faith or negligence of
the Purchaser or shall arise from the breach by the Purchaser of any of its
obligations hereunder and (iii) the origination, purchase or sale of the
Contracts, and the sale of the Financed Vehicles sold thereunder, did not comply
in all material respects with all applicable federal, State and local laws and
regulations.

Section 4.03.  
Merger or Consolidation of, or Assumption of the
Obligations of, the Seller; Certain Limitations.  The Seller shall not
consolidate with nor merge into any other entity or convey, transfer or lease
substantially all of its assets as an entirety to any Person unless the entity formed by such consolidation or into which
such Seller has merged or the Person which acquires by conveyance, transfer or lease
substantially all the assets of the Seller as an entirety, can lawfully perform
the obligations of the Seller hereunder and executes and delivers to the
Purchaser an agreement in form and substance reasonably satisfactory to
the Purchaser,
which contains an assumption by such successor entity of the due
and punctual performance and observance of each covenant and condition to be
performed or observed by the Seller under this
Agreement.

Section 4.04.  
Limitation on Liability of Seller and Others.  The
Seller and any director or officer or employee or agent of the Seller may rely
in good faith on any document of any kind, prima facie properly executed and
submitted by any Person respecting any matters arising hereunder.  The Seller
shall not be under any obligation to appear in, prosecute or defend any legal
action that shall not be incidental to its obligations under this Agreement, and
that in its opinion may involve it in any expense or liability.  The Purchaser
shall indemnify and hold harmless the Seller from and against any cost, fee,
damage or expense resulting from, the negligence or willful misconduct of the
Purchaser as a result of, the Seller complying with any direction or instruction
from the Purchaser (except to the extent that such cost, fee, damage or expense
shall be due to the willful misfeasance, bad faith or negligence of the Seller
or shall arise from the breach by the Seller of any of its obligations
hereunder).  The indemnities contained in this Section shall survive the
termination of this
Agreement.

Section 4.05.  
Performance of Obligations.  The Seller shall
punctually perform and observe all of their respective obligations and
agreements contained in the Basic
Documents.

Section 4.06.  
Financial
Covenants.

1. The Seller covenants and agrees that:
2. It shall not permit its maintenance of cash or cash equivalents (in the form
of unrestricted cash, restricted cash not in excess of $5,000,000, but excluding
amounts borrowed to satisfy commitments to acquire Contracts) to be less than
$15,000,000, as of the Initial Closing Date and the last day of each Collection
Period;
3. It shall not permit its three month rolling average of the aggregate
principal amount of all Contracts and mortgage loans (including without
limitation home equity loans and lines of credit) originated and funded by
Seller to be less than $250,000,000, as of the Initial Closing Date and the last
day of each Collection Period;
4. It shall not permit its ratio of (i) cash or cash equivalents as
described in (a) above, to (ii) current liabilities, excluding amounts
payable under all of the Seller's warehouse or revolving lines of credit used to
fund its mortgage or direct auto loans, to be less than 1 to 1, as of the last
day of each Collection Period;
5. It shall not permit its Tangible Net Worth to be less than $25,000,000, as
of the Initial Closing Date and the last day of each Collection Period; and
6. It shall not permit its three month rolling average of auto loan
originations to be less than $30,000,000, as of the last day of each Collection
Period.
7. On each Servicer Report Date, the Seller shall deliver to the Purchaser a
Financial Covenant Report.

Section 4.07.  
Minimum Requirements.  During the Funding Period,the Seller shall sell to Purchaser, and Purchaser shall purchase
from Seller a minimum of (i) 40% of the Contracts originated annually by the Seller, beginning on the Initial
Closing Date and ending on July 15, 2005 and (ii) 35% of the Contracts
originated annually by the Seller, beginning on July 14, 2005 and ending on
July 13, 2006; provided, that, Opt Out Contracts, Contracts arising from
person-to-person transactions and Contracts where the Obligor has a FICO score
between 600 and 639 shall be excluded from the calculation of Contracts
originated annually.

Section 4.08.  
Delivery of Contract
Files.  Prior to each Closing Date, the Seller shall, at its own expense,
deliver the Contract Files to the Custodian, or such other Person designated by
the Purchaser at such place or places as the Purchaser may reasonably designate
and the Seller shall cooperate in good faith to effect such
delivery.

Section 4.09.  
Rebates.  On or before each
Servicer Report Date, the Seller shall remit to the Purchaser the amount of any
Rebates.

ARTICLE FIVEEVENTS OF
DEFAULT

Section 5.01.  
Events of Default.  If any one of the following
events (each, an "Event of Default") shall occur and be
continuing:

1. any failure by the Seller to deposit or credit, or to deliver to the
Collection Account, any amount received by the Seller in relation to the
Contracts on or after the Cut-Off Date that shall continue unremedied for a
period of three Business Days after written notice of such failure is received
by the Seller or after discovery of such failure by an officer of the
Seller;
2. Seller shall permit the aggregate amount of its cash and cash equivalents
(inclusive of restricted cash not in excess of $5,000,000, but excluding amounts
borrowed to satisfy commitments to acquire Contracts) to be less than
$15,000,000, as of the last day of any Collection Period;
3. Seller shall permit its Tangible Net Worth to be less than $25,000,000, as
of the last day of any Collection Period;
4. Seller shall permit its 3 month rolling average of the Aggregate Principal
Amount of all Contracts and mortgage loans (including without limitation home
equity loans and lines of credit) originated and funded by Seller to be less
than $250,000,000, as of the last day of each Collection Period;
5. Seller shall permit its ratio of (i) cash and cash equivalents as
described in Section 5.01(b) above, to (ii) current liabilities,
excluding amounts payable under all of the Seller's warehouse or revolving lines
of credit used to fund its mortgage or direct auto loans, to be less than 1 to
1, as of the last day of any Collection Period;
6. except as otherwise set forth in this Section, failure on the part of the
Seller duly to observe or to perform in any material respect any other covenants
or agreements of the Seller set forth in this Agreement or any other Basic
Document which failure shall (i) materially and adversely affect the rights
of the Purchaser and (ii) continue unremedied for a period of 30 days after
the date on which written notice of such failure, requiring the same to be
remedied, shall have been given to the Seller by the Purchaser or after
discovery of such failure by an officer of the Seller;
7. the occurrence of an Insolvency Event with respect to the Seller;
8. any representation, warranty or statement of the Seller made in this
Agreement or any certificate, report or other writing delivered pursuant hereto
shall prove to be incorrect in any material respect as of the time when the same
shall have been made (excluding, however, any representation or warranty to
which Section 3.02, 3.03 or 3.04 shall be applicable so long as the Seller
shall be in compliance with Section 3.02, 3.03 or 3.04, as the case may
be), and the incorrectness of such representation, warranty or statement has a
material adverse effect on the Purchaser, and, within 30 days after written
notice thereof shall have been given to the Seller by the Purchaser, the
circumstance or condition in respect of which such representation, warranty or
statement was incorrect shall not have been eliminated or otherwise cured;
9. (i) a Change of Control shall have occurred or (ii) the Seller shall
have failed to comply with Section 4.03; or
10. a Performance Termination Event shall have occurred;

Section 5.02.  
Waiver of Past Defaults.  The Purchaser may waive in
writing any default by the Seller in the performance of its obligations
hereunder and its consequences.  Upon any such waiver of a past default, such
default shall cease to exist, and any Event of Default arising therefrom
shall be deemed to have been remedied for every purpose of this Agreement.  No
such waiver shall extend to any subsequent or other default or impair any right
consequent
thereto.

ARTICLE SIXMISCELLANEOUS

Section 6.01.  
Amendment.  This Agreement may be amended by the
parties hereto at any time, but only by an agreement in writing executed by the
parties to this
Agreement.

Section 6.02.  
Protection of Title to
Contracts.

1. The Seller shall execute and file such financing statements, cause to be
executed and filed such amendments and continuation statements and make such
notations on records or documents of title, all in such manner and in such
places as may be required by law fully to preserve, maintain and protect the
first priority perfected security interest of the Purchaser in the Contracts,
the Financed Vehicles, all other collateral sold to the Purchaser pursuant to
this Agreement and in all proceeds of the foregoing.  The Seller and the
Servicer shall deliver (or cause to be delivered) to the Purchaser file-stamped
copies of, or filing receipts for, any document filed as provided above, as soon
as available following such filing.  Notwithstanding the foregoing, to the
extent that the laws of any State require that the Purchaser be named as lien
holder in order for the Purchaser to have an enforceable first priority
perfected security interest in the related Financed Vehicle, the Purchaser shall
pay all costs and fees incurred by the Seller in obtaining such documents.
Further, the Seller shall notify the Purchaser upon becoming aware that a State
requires notation on a Title Document to perfect the security interest of the
Purchaser in the related Financed Vehicles.
2. The Seller shall not change its name, identity or corporate structure in any
manner that would, could or might make any financing statement or continuation
statement filed in accordance with Section 2.02(f) or 6.02(a) seriously
misleading within the meaning of Section 9-507of the UCC, unless it
shall have given the Purchaser at least 60 days' prior written notice thereof
and shall have promptly filed appropriate amendments to all previously filed
financing statements or continuation statements.
3. The Seller shall maintain or cause to be maintained its computer systems so
that, from and after the time of sale of a Contract under this Agreement, the
computer systems and records (including any backup archives) that shall refer to
such Contract indicate clearly the interest of the Purchaser in such Contract
and that such Contract is owned by the Purchaser.  Indication of the Purchaser's
ownership of a Contract shall be deleted from or modified on the computer
systems and records of the Seller, if any, when, and only when, the related
Contract shall have been paid in full or repurchased.
4. If at any time the Seller shall propose to sell, grant a security interest
in, or otherwise transfer any interest in retail motor vehicle installment sales
contracts or installment loans to any prospective purchaser, lender or other
transferee, the Seller shall give or cause to be given to such prospective
purchaser, lender or other transferee computer tapes, records or print-outs
(including any restored from back-up archives) that, if they shall refer in any
manner whatsoever to any Contract, shall indicate clearly that such Contract has
been sold and is owned by the Purchaser.
5. The Seller shall permit the Purchaser and its agents, at any time upon
reasonable request and notice during normal business hours, to inspect, audit
and make copies of and abstracts from the Seller's records regarding any
Contract.
6. Upon request, the Seller shall furnish to the Purchaser, as promptly as
practicable, a list of all Contracts currently subject to this Agreement,
together with a reconciliation of such list to the several Schedule of
Contracts.
7. Other than the costs and disbursements incurred by the Seller in connection
with filing the financing statements referenced in Section 2.02(e) and the
filing of financing statements, amendments and continuation statements pursuant
to this Section, and in having the lien of the Seller noted on the Title
Documents, the Purchaser shall pay all reasonable costs and disbursements in
connection with the perfection and the maintenance of perfection, as against all
third parties, of the Purchaser's right, title and interest in and to the
Contracts and in connection with maintaining the first priority security
interest in the Financed Vehicles and the proceeds thereof, including all costs
incurred in connection with any application to name the Purchaser or its assigns
as the lienholder as to any Financed Vehicle.

Section 6.03.  
Buy Rate Matrix.  The
Purchaser may revise the Buy Rate Matrix from time to time, upon at least three
Business Days prior written notice to the
Seller.

Section 6.04.  
Governing Law.THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW
PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW), AND
THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH
LAWS.

Section 6.05.  
Notices.  All demands, notices and communications
under this Agreement shall, except as otherwise provided for herein, be in
writing personally delivered or mailed by certified mail, return receipt
requested, and shall be deemed to have been duly given upon receipt in the case
of:

if to the Seller, to:

E-LOAN, Inc
    6230 Stoneridge Mall Road
   Pleasanton, California  94588
   Attention: Darren Nelson
   Telephone:	(925) 847-6152
   Facsimile:	(925) 520-6122

With a copy to:

Scott McKinlay
   Senior Legal Officer
   E-LOAN, Inc.
   6230 Stoneridge Mall Road
   Pleasanton, California  94588
   Telephone:	(925) 847-6154

if to the Purchaser to:

Merrill Lynch Bank USA
c/o Merrill Lynch Commercial Finance Corp.
4 World Financial Center, 10th Floor
New York, New York  10080
Attention: John F. Blackburn
Telephone: (212) 449-9023
   	Facsimile: (212) 449-6673

or, in each case, to such other address as any party shall have provided to
the other parties in writing.  Any notice required to be in writing hereunder
shall be deemed given if such notice is mailed by certified mail, postage
prepaid, or hand-delivered to the address of such party as provided above.  Any
notice so mailed within the time prescribed herein shall be conclusively
presumed to have been duly given, whether or not such addressee shall receive
such notice.

Section 6.06.  
Severability of Provisions.  If one or more of the
covenants, agreements, provisions or terms of this Agreement shall be for any
reason whatsoever held invalid, then such covenants, agreements, provisions or
terms shall be deemed severable from the remaining covenants, agreements,
provisions or terms of this Agreement and shall in no way affect the validity or
enforceability of the other provisions of this
Agreement.

Section 6.07.  
Assignment.

1. Notwithstanding anything to the contrary contained herein, except as
provided in Section 4.03, the Seller may not transfer or assign all or a
portion of its rights, obligations and duties under this Agreement unless the
Purchaser has consented to such transfer or assignment.
2. The Seller hereby acknowledges and consents to any mortgage, pledge,
assignment and grant of a security interest by the Purchaser of all or a portion
of its right, title and interest in, to and under the Contracts or the
assignment of any or all of the Purchaser's rights and obligations hereunder to
any other Person.

Section 6.08.  
Third Party Beneficiaries.  Except as otherwise
specifically provided herein, the parties hereto hereby manifest their intent
that no third party shall be deemed a third party beneficiary of this Agreement, and specifically that
the Obligors are not third party beneficiaries of this
Agreement.

Section 6.09.  
Counterparts.  This Agreement may be executed in
several counterparts, each of which shall be an original and all of which shall
together constitute but one and the same
instrument.

Section 6.10.  
Headings.  The headings of the various Articles and
Sections herein are for convenience of reference only and shall not define or
limit any of the terms or provisions
hereof.

Section 6.11.  
Confidentiality.  Each of the Seller and the
Purchaser agrees for itself and its Affiliates to maintain the Basic Documents
and the information therein and any proprietary information a party obtains from
or about another party as confidential information and not to disclose such
documents or information except (i) to their respective Representatives who
need to know such information for purposes of evaluating the transactions
contemplated thereby, who are informed of the confidential nature of such
documents and information and who agree to be bound by the terms of this
Section, (ii) as necessary to perform this Agreement, and in order to
obtain any consents, approvals, waivers or other arrangements required to permit
the execution, delivery and performance of the Basic Documents, but only to the
extent required by any governmental authority pursuant to legal process or as
required by applicable law and (iii) as necessary to comply with the
securities laws and regulations of any country or political subdivision thereof.
In the event any such party is required or requested to make any disclosure
pursuant to clause (ii) above, the disclosing party shall use reasonable
efforts to give prompt notice of such requirement or request so that the non-
disclosing party can seek an appropriate protective order.  Notwithstanding
anything to the contrary contained in this Agreement, all persons may disclose
to any and all persons, without limitations of any kind, the purported or
claimed U.S. federal income tax treatment of this Agreement, any fact that may
be relevant to understanding the purported or claimed U.S. federal income tax
treatment of this Agreement, and all materials of any kind (including opinions
or other tax analyses) relating to such U.S. federal income tax treatment or
fact, other than the name of the parties or any other Person named herein, or
information that would permit identification of the parties or such other
Persons, and any pricing terms or other nonpublic business or financial
information that is unrelated to the purported or claimed federal income tax
treatment of the transaction to the taxpayer and is not relevant to
understanding the purported or claimed federal income tax treatment of the
transaction to the taxpayer.  This Section shall survive for a period of one
year following the termination of this
Agreement.

Section 6.12.  
Use of
Name.

1. The Seller agrees for itself and its Affiliates that it will not use the
name "Merrill Lynch," or any servicemark or trademark of the Purchaser
or any Affiliate thereof, in any public disclosures and will take reasonable
measures not to use the same in any context in marketing the business of the
Seller and its Affiliates without the express prior written consent of the
Purchaser, unless required to do so by law.
2. The Purchaser agrees for itself and its Affiliates that none of them will
use the name "E-LOAN,"  "E-LOAN, Inc" or any
servicemark or trademark of E-LOAN or any Affiliate thereof, in any public
disclosures and will take reasonable measures not to use the same in any context
in marketing the business of the Purchaser and its Affiliates without the
express prior written consent of E-LOAN, unless required to do so by
law.

Section 6.13.  
Expenses.  Except as otherwise provided herein, each
party to this Agreement shall be responsible for paying their respective costs
and expenses, including legal and out of pocket
expenses, in connection with the negotiation, preparation and execution and
delivery of the Agreement and the other Transaction
Documents.

Section 6.14.  
Securitization.

1. Notwithstanding Sections 6.11 and 6.12, the Purchaser may (i) disclose
in the prospectus or other offering document relating to any Securitization the
fact that some (and may include the applicable percentage) of the motor vehicle
contracts included in the transaction were originated by the Seller,
(ii) include in any periodic report issued in connection with any such
Securitization, descriptive data for all of the Contracts that are included in
such Securitization or for a Contract that is being purchased from the Seller
pursuant to the terms of this Agreement or for all Contracts that have been
purchased from the Seller pursuant to the terms of this Agreement and
(iii) provide to (A) any conduit involved in a conduit Securitization
and that conduit's program support providers, (B) any nationally recognized
statistical rating organization rating the asset-backed securities issued in
connection with any Securitization and (C) any provider of credit or
liquidity enhancement in such Securitization, descriptive data for the Contracts
included in such Securitization or for all Contracts that have been purchased
from the Seller pursuant to the terms of this Agreement.  Any prospectus or
other offering document or periodic report issued in connection with a
Securitization may discuss the Seller's underwriting standards or contain a
statement indicating that any Contract included in the transaction complied with
the Seller's underwriting standards.
2. At the request of the Purchaser, the Seller shall use its reasonable efforts
to cooperate with any such Securitization upon payment to it of its reasonable
fees and expenses incurred in complying with any such request.
3. The Seller shall continue to be responsible for its obligations under the
Basic Documents.
4. The Seller shall not be required to incur any additional costs as a result
of any Securitization that are not otherwise reimbursed to the Seller.
5. This Section shall survive the termination of this Agreement.

Section 6.15.  
Separate Counterparts.  For the purpose of
facilitating the execution of this Agreement and for other purposes, this
Agreement may be executed simultaneously in any number of counterparts, each of
which counterparts shall be deemed to be an original, and all of which
counterparts shall constitute but one and the same
instrument.

Section 6.16.  Termination of Agreement.  Except for the provisions
of this Agreement which are stated to survive termination hereof, this Agreement
shall terminate upon termination of the Funding
Period.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed by their respective officers as of the day and year first above
written.

E-LOAN, INC.,
as Seller

By:	____/s/ Mark Lefanowicz________________

Name: Mark Lefanowicz
Title:   President

MERRILL LYNCH BANK USA,
as Purchaser

By:	_____/s/ John F. Blackburn

Name:  John F. Blackburn
Title:    Managing Director

---

SCHEDULE I

LOCATION OF CONTRACT FILES



|4315 Pickett Road
St. Joseph, Missouri  64503
Attn:	John J. Chappell
	Joseph D. Booz | 
|------------------------------------------------------------------------------------ | 

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SCHEDULE II

FINANCIAL COVENANT REPORT

[Date]

Reference is hereby made to the Purchase and Sale Agreement, dated as of
July 14, 2004 (the "Purchase and Sale Agreement"), between E-
LOAN, Inc, as seller, and Merrill Lynch Bank USA, as purchaser (the
"Purchaser").  Capitalized terms used herein that are not otherwise
defined shall have the meanings ascribed thereto in the Purchase and Sale
Agreement.  The following information pertains to the _______, 20__, Collection
Period:

[Include calculations per Section 4.06].

---

SCHEDULE III

SCHEDULE OF CONTRACTS INFORMATION

The Schedule of Contracts will contain the following as of the Cut-Off Date
with respect to each Contract and all Contracts being sold on the related
Closing Date:

1. date the Contract was funded;
2. Contract Number;
3. Maturity Date;
4. Monthly Payment;
5. Due Date and the first Due Date;
6. Financed Vehicle VIN number;
7. Principal Balance of each Contract and the aggregate Principal Balance of
all Contracts being sold;
8. number of Contracts;
9. original term of each Contract;
10. remaining term to maturity of each Contract and the weighted average
maturity of all Contracts being sold;
11. APR for each Contract and the weighted average APR for all Contracts being
sold on the related Closing Date;
12. model year of each Financed Vehicle relating to an Obligor with a FICO score
below 700;
13. mileage of each Financed Vehicle relating to an Obligor with a FICO score
below 700;
14. Amount Financed as to each Contract;
15. FICO score of each Obligor and co-Obligor, if any;
16. whether the related Contract relates to a purchase of a Financed Vehicle or
a Refinanced Contract and the relative percentage of Contracts being sold that
relate purchases of Financed Vehicles or Refinanced Contracts; and
17. whether the related Financed Vehicle is a new or a pre-owned vehicle and the
relative percentage of Contracts being sold as to which the related Financed
Vehicles are new vehicles or pre-owned vehicles.

---

SCHEDULE IV*

SELLER INFORMATION AND LOAN DATA





*This Schedule has been omitted in accordance with Item 601 of Regulation S-K, and will be provided upon request.

---

**Confidential Treatment Requested

SCHEDULE V

ELIGIBILITY CRITERIA

Below are the criteria by which each Contract under the Purchase and Sale
Agreement, dated as of July 14, 2004 (the "Purchase and Sale
Agreement"), between E-LOAN, Inc., as seller and Merrill Lynch Bank USA, as
purchaser, was originated.  Any of these criteria may be changed from time to
time by mutual consent of the parties to the Purchase and Sale Agreement.
Capitalized terms used herein that are not otherwise defined shall have the
meanings ascribed thereto in the Purchase and Sale Agreement.

[**]

---

**Confidential Treatment Requested

SCHEDULE VI

UNDERWRITING GUIDELINES

Below are the minimum standards that have been satisfied by each Obligor
(and each co-obligor, if any) under each Contract subject to the Purchase and
Sale Agreement, dated as of July 14, 2004 (the "Purchase and Sale
Agreement"), between E-LOAN, Inc., as seller and Merrill Lynch Bank
USA, as purchaser.  Any of these standards may be changed from time to time by
mutual consent of the parties to the Purchase and Sale Agreement.  Capitalized
terms used herein that are not otherwise defined shall have the meanings
ascribed thereto in the Purchase and Sale Agreement.

Underwriting Guidelines - Credit/Scoring/Authorities

Overview - Credit Authorities

Introduction.  Credit Authority will be established for each level by
role as defined below. Authorities are "up to and including" the
amounts indicated. Exceptions to the amounts shown below may be made based upon
need and other factors, but only with concurrence of Credit Risk Management and
the General Manager.

Credit Authorities

The following table provides the lending limits and allowable exceptions
related to the corresponding role.

[**]

Documentation

All exceptions are required to be documented in detail, in the note section
of Exceptions of APPRO.

Role/Exception

Definitions.

[**]

Additional Responsibilities

Managers should regularly review exceptions and overrides approved by
Supervisors/Sr. Analysts.

During weekend, holiday, off-hour work, or under other special
circumstances, temporary credit authority may be delegated to qualified
individuals with lesser authority.

Note: Decisions made during these periods require later concurrence by the
appropriate authority level.

---

EXHIBIT A

FORM OF SALE AND ASSIGNMENT

This Sale and Assignment, dated as of _________, 2004 (the "Cut-Off
Date"), is delivered pursuant to Section 2.01(b) of the Purchase and
Sale Agreement, dated as of July 14, 2004 (the "Purchase and Sale
Agreement"), between E-LOAN, Inc. ("E-LOAN"), as seller, and
Merrill Lynch Bank USA, as Purchaser.  Capitalized terms used herein that are
not otherwise defined herein shall have the meanings ascribed thereto in the
Purchase and Sale Agreement.

I, __________________, the ____________ of E-LOAN, do hereby certify:

1. Attached hereto as Schedule I is a list of Contracts to be sold by the
Seller and purchased by the Purchaser on the Closing Date, which is deemed
incorporated into and made a part of the Purchase and Sale Agreement.  Such
Contracts have an aggregate Principal Balance of $________________ as of the
Cut-Off Date.
2. All Contract Files and all Contract Documents relating to such Contracts
will be delivered to the Custodian on the Closing Date.
3. Each of the conditions set forth in Section 2.03 of the Purchase and
Sale Agreement has been met as of the Cut-Off Date and shall be true and correct
as of the Closing Date.
4. As of the Cut-Off Date, the Seller is not insolvent, nor will it be made
insolvent by the sale of such Contracts to the Purchaser, nor is it aware of any
pending insolvency.
5. The representations and warranties of the Seller in Section 3.01(a) and
(b) of the Purchase and Sale Agreement and each other Basic Document are
true and correct as of the Cut-Off Date.
6. No event has occurred and is continuing, or would result from the
transactions contemplated by this Agreement and the related Sale and Assignment,
that constitutes a Default or an Event of Default.

For each Contract described herein, please transfer an amount equal to the
Purchase Price in immediately available funds by 4:00 p.m. today in the
aggregate amount of $___________________ to E-LOAN in accordance with the wire
instructions below.

IN WITNESS WHEREOF, the undersigned has caused this Sale and Assignment to be
executed and delivered to the Purchaser as of the date first above
written.

E-LOAN, INC.

By:

Name:
 Title:

|Wiring Instructions: |              |             
|-------------------- | ------------ | ------------
|Beneficiary:         |              |             
|____________:        | ____________ |             
|                     | ____________ |             
|                     | ____________ |             
|                     | ABA:         | ____________
|                     | Bank Acct. # | ____________
|                     | $ Amount:    | ____________

---

SCHEDULE A TO SALE AND ASSIGNMENT

LIST OF CONTRACTS

Reference is hereby made to the Purchase and Sale Agreement, dated as of
July 14, 2004 (the "Purchase and Sale Agreement"), between E-
LOAN, Inc., as seller, and Merrill Lynch Bank USA, as purchaser (the
"Purchaser").  Capitalized terms used herein that are not otherwise
defined shall have the meanings ascribed thereto in the Purchase and Sale
Agreement.

With respect to all Contracts being sold on the related Closing Date:

1. date the Contract was funded;
2. Contract Number;
3. Maturity Date;
4. Monthly Payment;
5. Due Date and the first Due Date;
6. Financed Vehicle VIN number;
7. Principal Balance of each Contract and the aggregate Principal Balance of
all Contracts;
8. number of Contracts;
9. original term of each Contract;
10. remaining term to maturity of each Contract and the weighted average
maturity of all Contracts being sold;
11. APR for each Contract and the weighted average APR for all Contracts being
sold being sold on the related Closing Date;
12. model year of each Financed Vehicle if below FICO 700;
13. mileage of each Financed Vehicle if below FICO 700;
14. Amount Financed as to each Contract;
15. FICO score of each Obligor and co-Obligor, if any;
16. whether the related Contract relates to a purchase of a Financed Vehicle or
a Refinanced Contract and the relative percentage of Contracts being sold that
relate purchases of Financed Vehicles or Refinanced Contracts; and
17. whether the related Financed Vehicle is a new or a pre-owned vehicle and the
relative percentage of Contracts being sold as to which the related Financed
Vehicles are new vehicles or pre-owned vehicles.

---

EXHIBIT B

BUY RATE MATRIX

[**]

---

EXHIBIT C

FORM OF POWERCHECK CONTRACT*



*This Exhibit has been omitted in accordance with Item 601 of Regulation S-K,
and will be provided upon request.

---

EXHIBIT D

FORM OF NOTE AND SECURITY AGREEMENT*



*This Exhibit has been omitted in accordance with Item 601 of Regulation S-K,
and will be provided upon request.

---

EXHIBIT E

NOTICE OF REPURCHASED CONTRACT

TO:	SYSTEMS & SERVICES TECHNOLOGIES, INC.,
     as Custodian
     4315 Pickett Road
     St. Joseph, Missouri  64503

FROM:	E-LOAN, INC.

DATE:	_____, 200_

1.	This Notice of Repurchased Contract is delivered to you pursuant to
Section 3.02(c) of the Purchase and Sale Agreement, dated as of
July 14, 2004, between, E-LOAN, Inc. ("E-LOAN"), as seller,
and Merrill Lynch Bank USA, as purchaser (as amended, supplemented, restated or
replaced from time to time, the "Purchase Agreement").  Unless the
context otherwise requires, capitalized terms which are used but not defined
herein shall have the respective meanings attributed to such terms in the
Purchase Agreement.

2.	The undersigned hereby acknowledges that it has repurchased the
Repurchased Contract(s) identified on Schedule I hereto.

You are hereby is directed to deliver all of the Contract Documents relating
to such Repurchased Contract to E-LOAN.

E-LOAN, INC.

By: ____________________
      Name:
     Title:

Acknowledged:

MERRILL LYNCH BANK USA,

By: ____________________
      Name:
     Title:

---

SCHEDULE I

REPURCHASED CONTRACT



| | 
| | 

---