Chrysler Financial Sold to Canadian Bank

(CN) - Toronto-Dominion Bank today (Tuesday) agreed to buy Chrysler Financial from Cerberus Capital Management for $6.3 billion, according to wire reports. TD Bank, the bank's U.S. subsidiary, will take over Chrysler Financial in the United States in the deal. Cerberus bought the carmaker's finance arm in 2007 for $7.4 billion as the financial meltdown began. Chrysler itself was sold to Fiat in bankruptcy last year.

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