FARMINGTON HILLS, Mich. — Toronto-Dominion Bank could reach an agreement as early as this week to buy Chrysler Financial, Bloomberg reported this morning.

Chrysler Financial could sell for $6 billion to $7 billion, according to Bloomberg sources.

Apparently other companies are in talks with the financial institution as well; however, Toronto-Dominion Bank appears to be the frontrunner.

Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group. The group is the sixth largest bank in North America by branches and serves about 19 million customers via four divisions, including Canadian Personal and Commercial Banking, Wealth Management, U.S. Personal and Commercial Banking and Wholesale Banking, according to TD officials.

TD Bank Group had CDN $620 billion in assets as of Oct. 31 2010. It trades under the symbol of "TD" on the Toronto and New York Stock Exchanges.

Many had expected that Chrysler Financial might go out of business when GMAC (now Ally Financial) received bank status from the government as well as bailout funds. Upon receiving the bank status, the government tapped GMAC as the primary preferred lender for Chrysler dealers, as well as General Motors dealers.

However, Chrysler Financial has been reorganizing itself and Allison Weller, of Remarketing Edge, was on hand at the National Remarketing Conference this year to help Auto Remarketing honor the 2010 class of Women in Remarketing. She was recognized as a 2009 Woman in Remarketing. Auto Remarketing is a sister publication and website to SubPrime Auto Finance News.

Cerberus Capital Management, which owns Chrysler Financial, could gain back most of its investment in the financial institution if a deal is reached for $6 billion to $7 billion.

SubPrime Auto Finance News reached out to Chrysler Financial regarding this news; however, as of press time has yet to hear back.

For more information on TD Bank Group, click here.