General Automotive News Various topics from around the net.

Chrysler Financial purchased by TD Bank for $6.3B

Old 12-25-2010, 06:51 PM
  #1  
50 Watt CAFz'r
Thread Starter
 
Join Date: Nov 2007
Posts: 114
Arrow Chrysler Financial purchased by TD Bank for $6.3B


Toronto Dominion Bank has officially agreed to acquire Chrysler Financial. Cerberus Capital Management, the current owner of the Pentastar’s lending arm, will receive $6.3 billion from TD Bank in the deal. That figure marks a $900 million loss compared to the $7.4 billion that Cerberus paid for Chrysler financial in 2007 as part of the automaker’s takeover. Since then, Cerberus has been forced to hand the reins to the federal government as part of the bailout of 2008, and analysts from The Washington Post and Reuters feel that the capital firm is simply looking to be able to return some of the money that it lost on the Chrysler adventure to investors.

Meanwhile, Toronto-Dominion Bank continues to push its way into the American market. The bank already has 1,300 branches on our shores, and the new acquisition of Chrysler Financial will make the company one of America’s largest auto lenders overnight. TD Bank says that it anticipates auto lending to grow from a $700 billion business right now to over $900 billion in just three short years. With Chrysler’s ever-improving stable of products, if true, that likely means that the bank will see cash start rolling through its doors in a big way.



More...
Car Audio News is offline  
Related Topics
Thread
Thread Starter
Forum
Replies
Last Post
db
Off-topic Chat
16
01-08-2005 10:43 PM
Hardcore Rock Superstar
Off-topic Chat
12
11-13-2004 10:54 PM
loudsubz
General Discussion
1
10-25-2004 10:17 PM
Father Yuli
Off-topic Chat
5
05-11-2004 05:53 PM


Thread Tools
Search this Thread
Quick Reply: Chrysler Financial purchased by TD Bank for $6.3B


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service

© 2019 MH Sub I, LLC dba Internet Brands

We are a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for us to earn fees by linking to Amazon.com and affiliated sites.