E*Trade, the consumer finance arm of E*Trade Bank, has priced a $300.5 million offering backed by both recreational and marine vehicle collateral originated by Ganis Credit Corp., which will be the first transaction from the issuer to contain both collateral types since E*Trade acquired Ganis in 2002.

Lehman Brothers is the lead on the E*Trade RV and Marine Trust 2004-1 offering. Higher end recreational vehicles make up 83% of the pool, according to a presale report from Moody's Investors Service. Loss rates on this transaction are expected to be lower than on prior transactions backed by Ganis collateral due to the company's more stringent approach to writing loans, a ratings analyst said.

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