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| Company type | Subsidiary |
|---|---|
| Industry | Auto loans, Financial services |
| Predecessor | Chrysler Credit Corporation |
| Founded | 1964 |
| Headquarters | , United States |
| Products | Auto financing, dealer services |
| Owner | Toronto-Dominion Bank |
| Website | www |
TD Auto Finance is the automotive financial services arm ofToronto-Dominion Bank, providing dealer and retail consumer auto loan products in the United States.[1] The company is headquartered inSouthfield, Michigan.
Founded asChrysler Credit Corporation in 1964, the company provided financial products and services to support sales ofChrysler,Jeep, andDodge vehicles. By 2007, it had approximately 3,600 employees worldwide and managed contracts valued at about US$75 billion.[1]
The company operated in theUnited States,Canada,Mexico,Puerto Rico, andVenezuela under regional subsidiaries such as Chrysler Financial Canada and Chrysler Financial de Venezuela.
In January 2009, Chrysler Financial received $1.5 billion from theTroubled 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 theTerm Asset-Backed Securities Loan Facility program.[2]
In December 2010,Toronto-Dominion Bank announced it would acquire Chrysler Financial for $6.3 billion from private equity firmCerberus Capital Management. The deal closed in 2011, and the business was renamedTD Auto Finance in June of that year.[3]
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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