Posted on December 21st, 2010 • by Bill Cawthon
TD Bank Group of Toronto (formerly Toronto Dominion) will pay $6.3 billion to acquire Chrysler Financial from Cerberus Capital Management. The all-cash transaction includes assets of $5.9 billion and approximately $400 million in goodwill. TD does not intend to issue common equity in connection with this transaction. TD will gain all of Chrysler Financial’s processes [...]
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Posted on November 24th, 2010 • by David Zatz
Automotive News reported that Cerberus is trying to sell Chrysler Financial, the former captive lender of the former Chrysler Corporation. The company is reported worth around $6-7 billion, after having repaid $1.5 billion in Treasury loans. In July, Chrysler Financial tried to go back to originating new loans on a large scale, according to the [...]
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Posted on July 22nd, 2010 • by Bill Cawthon
Chrysler Financial’s executive compensation is no longer subject to review by Kenneth Feinberg, the Treasury’s pay czar for companies that sought refuge under the government’s Troubled Asset Relief Program. A May payment of $1.9 billion from Cerberus Capital Management allowed Chrysler Financial to eliminate the government’s debtor-in-possession loans, freeing it from government oversight. The payment [...]
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Posted on July 21st, 2010 • by Bill Cawthon
Chrysler Financial, the former lending source for Chrysler, Dodge and Jeep dealers, is considering a return to its former business. It’s also considering a name change, much as GMAC has done in changing its name to Ally. According to Automotive News, the company wants to start making loans to consumers with near-prime credit and has [...]
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Posted on May 17th, 2010 • by Bill Cawthon
The U.S. Department of the Treasury today announced that it has received a $1.9 billion repayment from Chrysler Holding (CGI Holding) in settlement of one of the loans that the Treasury Department extended to finance Chrysler LLC, the “Old Chrysler” automobile company. This repayment, while less than the $4 billion face value, is significantly more [...]
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Posted on January 23rd, 2010 • by Bill Cawthon
Chrysler Financial took a potentially multi-million-dollar hit when the Michigan Court of Appeals cut a $3.8 million state sales tax refund. A lower court had ordered the refund based on Chrysler Financial’s claim that 24,423 loans, dating back to the late 1990s, went into default and the company either was due a refund of the [...]
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