Familiar faces at Chrysler Financial

Jim Henry is a special correspondent for Automotive News
Toronto-Dominion Bank says it acquired Chrysler Financial to make it bigger - not to eliminate jobs. That's not how most banking-industry mergers work – and it's good news for dealers who want to resume business ties with familiar contacts at Chrysler Financial.

Sid DeBoer, president and CEO of Lithia Motors, which has 23 Chrysler Group stores, said last week that he's looking forward to getting back with Chrysler Financial, which had dialed way back on new business in the wake of the financial crisis.

Chrysler Financial already cut its head count by nearly half as new business tailed off, so TD Bank is buying a skinny Chrysler Financial to start with – and one with lots of room to grow.