SmartHomeOwners

NEW YORK: Media reports say Toronto-Dominion Bank is close to purchasing Chrysler Financial Corp for US$6.3 billion.

The Wall Street Journal reports that according to people close to the matter, the deal could be announced as soon as Tuesday.

Cerberus Capital Management LP, which owns the U.S.-based auto lender, would retain about $1 billion of assets as part of the deal, the paper reported in a story posted on its website.

It says the transaction would help Cerberus salvage much of what had been a failed US$7.4 billion investment in Chrysler Corp., the automaker that once owned Chrysler Financial.

There were reports two weeks ago that several parties, including ING Group, were involved in discussions with Cerberus but the Wall Street Journal report says TD (TSX:TD) emerged as the winner.