Toronto-Dominion Bank near an agreement to buy Chrysler Financial

Article by Christian Andrei, on December 20, 2010

According to the latest reports it appears that Toronto-Dominion Bank almost reached an agreement with Cerberus Capital Management LP to buy Chrysler Financial.

For those who don’t know, Chrysler Financial is a lender once owned by Chrysler. Autonews reports that Toronto-Dominion may announce a deal as soon as Tuesday morning, and the price is somewhere between $6 and $7 billion.

Asked about this, Mohammed Nakhooda, a Toronto-Dominion Bank spokesman declined to comment while the Cerberus spokesman didn’t return a call.

Cerberus is currently led by founder Stephen Feinberg, wagered on the U.S. auto industry with takeovers of GMAC a.k.a. General Motors’ auto lender in 2006 followed by Chrysler and Chrysler Financial the following year. Feinberg lost control of GMAC and Chrysler but held on to Chrysler Financial.

Chrysler financial repaid $1.5 billion in U.S. Treasury Department bailout funds last year and returned to large-scale lending.

Regarding GMAC, this company became Ally Financial this year and had financed about 50 percent of Chrysler Group's retail sales in 2010. [via autonews - sub. required]

Topics: chrysler, canada

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