TD said its existing retail auto lending business will be combined with Chrysler Financial.
TD expects to rebrand Chrysler Financial under the TD Auto Finance brand later this spring.
The business will be headquartered in Toronto and continue to operate on a North American basis overseen by current Chrysler Financial CEO Tom Gilman.
Gilman will report jointly to Tim Hockey, president and CEO of TD Canada Trust Hockey, and to Bharat Masrani, president and CEO of TD Bank.
Hockey said the completion of this transaction represents yet another important step in the ongoing expansion of their business and allows them to accelerate the growth of their loan book through the addition of a great organic growth platform to the TD family.
"Chrysler Financial represents an excellent opportunity to grow our presence in a large North American market. Simply put, we’ve gained a well-run business with great potential for significantly higher future returns," Hockey added.
