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FARMINGTON HILLS — With executives and employees on hand at the former Detroit-area home of Chrysler Financial, TD Auto Finance announced on June 10 that it's open for business.
The new company was formed after the April acquisition of Chrysler Financial by Toronto-based TD Bank Group, which added its existing auto loan business to the former captive’s portfolio, reported F&I and Showroom.
“It’s great to be here in Chrysler Financial’s hometown of Farmington Hills to announce our exciting new TD Auto Finance brand, which represents both the financial stability and renowned customer service of TD and the deep experience and partnerships of the former Chrysler Financial,” said Thomas F. Gilman, president and CEO of TD Auto Finance.
Sources close to the company said that TD Auto Finance has signed 6,200 U.S. dealers since December. Half of those are new relationships for the former captive, and about 22 percent are Chrysler dealers. The focus of the initial lending program will be on prime buyers, with no specific timeline for adding subprime, nearprime, leasing and floorplan financing programs.
“TD Auto Finance is off to a strong start, with thousands of new dealers signed up both in Canada and the United States since December and many more poised to come aboard,” Gilman said. “Dealer and customer feedback for our products and programs has already been overwhelmingly positive.”
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