History
As Chrysler Financial
Founded as Chrysler Credit Corporation in 1964, the company provided financial products and services to support sales of Chrysler, Jeep, and Dodge vehicles. By 2007, it had approximately 3,600 employees worldwide and managed contracts valued at about US$75 billion. [1]
The company operated in the United States, Canada, Mexico, Puerto Rico, and Venezuela under regional subsidiaries such as Chrysler Financial Canada and Chrysler Financial de Venezuela.
Financial crisis and TARP bailout
In January 2009, Chrysler Financial received $1.5 billion from the Troubled Asset Relief Program (TARP). The company stated that the funds were used to finance 85,000 auto loans for Chrysler vehicles. It repaid the TARP loan in July 2009 through an asset-backed securitization arranged under the Term Asset-Backed Securities Loan Facility program. [2]
Acquisition by Toronto-Dominion Bank
In December 2010, Toronto-Dominion Bank announced it would acquire Chrysler Financial for $6.3 billion from private equity firm Cerberus Capital Management. The deal closed in 2011, and the business was renamed TD Auto Finance in June of that year. [3]
As TD Auto Finance
Following the acquisition, TD Auto Finance became a key part of TD Bank Group’s U.S. operations. The company continues to provide dealer finance plans, consumer auto loans, and related financial services. [4]
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