The rumours that have been circulating since the beginning of the month turned out to be true! The Toronto Dominion bank has officially acquired Chrysler Financial for the sum of 6.3 billion dollars, to be paid to Cerberus.
Chrysler Financial has around one million clients and should help TD generate about a 20% return on investment within three to four months, once things will have started to run smoothly.
According to TD, this financial transaction will allow the bank to position itself among the top 5 auto-lenders in North America, combined with TD’s operations in Canada and the US.
Cerberus acquired the division in 2007 for 7.4 billion when it took possession of Chrysler LLC, which later encountered financial difficulties and ended up declaring bankruptcy and temporarily ceasing its activities.
Source: The Detroit Bureau
Chrysler Financial has around one million clients and should help TD generate about a 20% return on investment within three to four months, once things will have started to run smoothly.
According to TD, this financial transaction will allow the bank to position itself among the top 5 auto-lenders in North America, combined with TD’s operations in Canada and the US.
Cerberus acquired the division in 2007 for 7.4 billion when it took possession of Chrysler LLC, which later encountered financial difficulties and ended up declaring bankruptcy and temporarily ceasing its activities.
Source: The Detroit Bureau