FOR IMMEDIATE RELEASE
ZERO MOTORCYCLES & PROSPER TEAM UP TO PROVIDE FINANCING FOR ELECTRIC MOTORCYCLE BUYERS
– First fully integrated peer-to-peer lending retail purchase financing solution –
SANTA CRUZ, Calif. (November 05, 2009) – Zero Motorcycles today announced the availability of consumer financing for U.S. electric motorcycle buyers through an innovative partnership with Prosper.com, the largest peer-to-peer lending marketplace in America. The joint initiative enables the first fully integrated peer-to-peer lending retail purchase financing solution in history. At the point of purchase, Zero Motorcycles' customers can now opt to create a Prosper loan listing for the specific purpose of financing any of Zero's electric motorcycles. In addition to newly available consumer financing, buyers of the Zero S or Zero DS are also eligible for a Federal tax credit of 10% off the purchase price. This effectively reduces the price of their street legal motorcycles to $8,955 while also giving customers a highly competitive consumer friendly financing option with monthly payments as low as $290 a month with a down payment of $1,000. (Repayment Example Terms: For a borrower with an AA Prosper Rating, after a down payment of $1,000, 10.02% interest rate and corresponding 10.39% APR, 36 fixed monthly payments of $320 based on a loan amount of $10,000.)
"Our partnership with Prosper empowers our customers to secure a loan with reduced interest rates that will fund their motorcycle and riding equipment," says John Lloyd, VP of World Wide Sales Zero Motorcycles. "Zero and Prosper are revolutionizing their respective industries. The result is an innovative loan for an innovative motorcycle."
"Zero Motorcycles is a green technology leader and represents the future of its industry," said Chris Larsen, Chief Executive Officer and Co-founder of Prosper. "By working together to provide an innovative financing solution for Zero's customers, we're empowering people to make a tangible, positive environmental and economic impact at every level of the transaction."
The buyer experience is innovative, online and quick. To place a Zero Motorcycles order and fill out the loan application takes less than fifteen minutes. The loan can include the purchase of accessories, upgrades and apparel. As part of the process, the buyer sets the maximum financing rate they're willing to pay and lenders bidding in the Prosper marketplace can bid at or below that rate, providing an opportunity for the rate to be bid down. Once the auction ends, Prosper takes the bids with the lowest rates and combines them to facilitate the funding of one simple loan to the borrower. Prosper handles all on-going loan administration tasks including loan repayment and collections on behalf of the matched borrowers and lenders. Prosper borrower loans are unsecured, three year, fixed-rate personal loans ranging from $1,000-$25,000. There are no prepayment penalties and no hidden fees.
Zero Motorcycles is powering into the world of electric vehicles with its fleet of fully electric, zero emissions motorcycles. Each motorcycle runs off of a Z-Force technology power pack consisting of lithium ion cells making it completely non-toxic, recyclable, and rated for landfill disposal in the U.S., Canada, and Europe. Zero Motorcycles is the leading manufacturer of all-electric motorcycles and is paving the way for energy independence in the automotive world.
For more about Zero Motorcycles, visit http://www.zeromotorcycles.com.
For more about Prosper, visit www.prosper.com. Notes offered by Prospectus.
For Prosper press inquiries, please contact Tiffany Fox, Prosper Communications Director, at 415-593-5416 or firstname.lastname@example.org.