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TD Auto Finance

TD Auto Finance is a division of TD Bank, N.A., providing indirect retail vehicle financing to consumers and commercial services to automotive dealerships across the . The division, branded as TD Auto Finance in 2011, supports financing through a network of franchised dealers, enabling purchases for over 1.1 million consumers. It partners with more than 6,600 dealerships, offering tailored retail solutions and dealer support including funding processes and e-contracting. As the eighth-largest bank auto lender and twelfth-largest overall auto lender in the U.S., TD Auto Finance has earned top rankings in dealer satisfaction among national non-captive prime credit providers, securing the highest score of 864 out of 1,000 in the 2025 study for the sixth consecutive year.

History

Acquisition of Chrysler Financial and Launch (2011)

On December 21, 2010, TD Bank Group announced its agreement to acquire Financial Services Corporation from LP for US$6.3 billion in cash. The transaction involved TD Bank, N.A., the U.S. subsidiary of TD Bank Group, purchasing the captive auto finance operations previously tied to Group LLC, which had obtained in its 2007 acquisition of . Financial at the time managed a portfolio including retail consumer loans, leases, and dealer financing primarily in , with operations extending to , , and select international markets such as . The acquisition closed on April 1, 2011, integrating Chrysler Financial's approximately $27 billion in managed assets into TD's portfolio and establishing TD as the fifth-largest bank-owned auto lender in by loan originations. This move provided TD with an established platform for generating auto lending assets, leveraging Chrysler Financial's dealer relationships—particularly with , , , and brands—and its expertise in both retail and wholesale financing. Post-closing, TD committed to honoring existing Chrysler dealer contracts while expanding beyond captive financing to compete more broadly in the U.S. and Canadian auto finance markets. Following the acquisition, TD rebranded the entity as TD Auto Finance in mid-2011, formally launching it as a dedicated North American automotive financial services division headquartered in Farmington Hills, Michigan. The launch emphasized a unified branding under TD, combining the acquired operations with TD's existing commercial lending capabilities to offer expanded products like prime consumer auto loans and fleet financing. By June 2011, TD Auto Finance was positioned to originate new loans independently, marking the operational independence from its Chrysler Financial origins while retaining key personnel and infrastructure for continuity. The strategic rationale centered on diversifying TD's revenue streams amid recovering post-2008 auto sector demand, with initial focus on maintaining dealer floorplan financing volumes exceeding $10 billion annually.

Expansion and Integration Post-2011

Following the April 1, 2011, completion of the Chrysler Financial acquisition, TD integrated the acquired entity's retail auto lending portfolio and operational infrastructure with its existing U.S. auto finance operations, retaining key processes and technology from Financial to support seamless continuity. The to TD Auto Finance occurred on June 10, 2011, at the company's , headquarters, unifying branding under the TD banner while preserving specialized auto finance expertise. This integration positioned TD Auto Finance as the fifth-largest bank-owned auto lender in by leveraging 's established dealer relationships and portfolio of approximately $6.3 billion in assets. Post-integration, TD Auto Finance expanded its commercial services, launching wholesale and floorplan financing products in June , initially targeting East Coast dealerships before extending to the Midwest. By the end of , the division achieved a 230 percent year-over-year market share increase in lending, entering the top 10 U.S. auto lenders overall and ranking among the top 20 for the full year, driven by combined origination volumes exceeding prior standalone capabilities. This growth reflected strategic focus on non-captive lending, broadening beyond // origins to serve diverse dealerships and consumer segments nationwide. In March 2018, TD Auto Finance announced full national expansion of its commercial offerings, enabling floorplan financing for automotive dealerships across the U.S., which enhanced liquidity support for inventory management amid rising vehicle sales. Subsequent years saw sustained origination growth, with record quarterly volumes reported in Q3 2025, contributing to overall U.S. expansion. Dealer satisfaction metrics underscored operational integration success, with TD Auto Finance earning the top ranking in J.D. Power's National Automotive Finance Lender Satisfaction Study for non-captive prime credit lenders as of . These developments solidified its role within TD Bank Group's diversified U.S. , emphasizing scalable auto amid competitive captive lender dynamics.

Corporate Structure and Ownership

Relationship with TD Bank Group

TD Auto Finance operates as a division of TD Bank, N.A., the primary U.S. of TD Bank Group, a multinational holding company headquartered in , . TD Bank, N.A., is wholly owned by The , the ultimate parent entity of TD Bank Group, ensuring full operational and financial alignment without external ownership interests. The relationship originated from TD Bank Group's acquisition of Chrysler Financial Services LLC, completed on April 1, 2011, following an announcement on December 21, 2010, for a purchase price of $6.3 billion in cash. This transaction transferred Chrysler Financial's U.S. and Canadian retail auto loan portfolio, dealer financing operations, and supporting infrastructure to , which rebranded the entity as TD Auto Finance to integrate it into its broader automotive lending platform. The acquisition positioned TD Auto Finance as one of the top five bank-owned auto finance providers in by loan volume at the time, leveraging TD Bank Group's capital base exceeding $1 trillion in assets. Operationally, TD Auto Finance benefits from TD Bank Group's centralized , funding mechanisms, and technology platforms, with retail consumer and dealer services reported under TD Bank, N.A.'s . flows through TD Bank Group's board and executive oversight, with strategic decisions aligned to the parent's objectives in U.S. consumer and commercial lending, including synergies with TD Bank's branch network for opportunities. As of , TD Auto Finance's activities contribute to TD Bank Group's U.S. segment, which includes approximately $22.8 billion in auto-related assets.

Organizational Evolution

Following the 2011 acquisition and rebranding of Chrysler Financial Services, TD Auto Finance maintained initial organizational continuity with leadership from the predecessor entity, including Tom Gilman as CEO until his retirement on July 30, 2012. This period focused on stabilizing operations amid integration into TD Bank Group's U.S. structure, headquartered in . Andrew Stuart assumed the role of and CEO in 2014, initiating a phase of strategic alignment with TD's broader consumer banking priorities, including expansion of indirect auto financing. Stuart's first tenure, lasting until November 2020, emphasized portfolio growth and operational efficiencies; he departed for a corporate operations role, after which Womack was appointed and CEO on December 8, 2020, drawing on his prior TD experience as Head of U.S. Product for the division. Stuart returned to lead TD Auto Finance in December 2021, overseeing further scaling that reportedly grew the loan portfolio from $16 billion to $30 billion by the conclusion of his involvement. In January 2025, Eddie "Nadir" Jones was promoted to Head of TD Auto Finance in a CEO-equivalent capacity, succeeding from his prior role as Senior Vice President of U.S. Product and Credit Management, , and Controls. This transition aligned with U.S. Bank , placing under Andrew Stuart's expanded oversight as Head of U.S. Products, Auto Finance, and Wealth, while enhancing with TD's retail and commercial ecosystems. Such evolutions underscore a shift toward centralized within TD , N.A.'s Banking segment, incorporating digital tools and national expansion of commercial services like dealer floorplan financing.

Business Operations

Retail Consumer Financing

TD Auto Finance provides indirect retail consumer financing for vehicle purchases through participating franchised dealerships across the , enabling individual buyers to secure auto loans at the point of sale rather than applying directly with the lender. This model supports financing for new and used cars, with consumers locating eligible dealers via the company's website. The financing features competitive interest rates and repayment terms tailored to approved , alongside rapid decisions often delivered within minutes to facilitate quicker transactions. Loan approvals are subject to evaluation, with flexible payment structures available post-origination, including account management for statements, payments, and principal reductions. Specific annual percentage rates (APRs) and term lengths are not publicly disclosed and vary by applicant creditworthiness and dealership agreements. In market performance, TD Auto Finance ranked first in the 2025 National Non-Captive Prime Auto Finance Satisfaction Study for among non-manufacturer-affiliated lenders serving prime-credit borrowers. The division supports indirect retail financing for over 1.1 million consumers annually, emphasizing nationwide dealer partnerships for broad accessibility.

Dealer and Commercial Services

TD Auto Finance offers commercial financing solutions tailored to franchised automotive dealerships in the United States, focusing on inventory management and needs. These services include financing, which allows dealers to finance vehicle inventory on a revolving basis, and commercial lines of credit to support operational and expansion. The program targets over 6,600 franchised dealerships, providing tools to free up capital, enhance liquidity, and improve profitability through competitive terms and dedicated relationship managers. In April 2018, TD Auto Finance expanded its offerings nationwide to address rising dealer , enabling broader access to these financing options beyond initial regional pilots. Dealers benefit from rapid approvals, often within minutes, and integrated for efficient inventory tracking and payments. The company also provides ancillary support such as the Emerald Rewards Program, offering premium incentives and services to high-volume partners. Contact for these services is available through a dedicated dealer line at 1-800-200-1513, operational Monday through Friday from 9:00 AM to 6:00 PM ET. Performance metrics highlight strong dealer satisfaction with these offerings. In the 2018 U.S. Automotive Finance and Lease Satisfaction Study, TD Auto Finance ranked highest in among non-captive providers, scoring 994—59 points above the industry average—based on evaluations of terms, interest rates, and provider communication. By 2023, average utilization among dealer partners reached over 40%, reflecting increased reliance amid fluctuating conditions. However, in October 2024, following regulatory fines imposed on parent company TD Bank totaling $3.1 billion for anti-money laundering deficiencies, TD Auto Finance announced a strategic pullback from certain commercial auto lending portfolios deemed less profitable.

Products and Services

Core Auto Financing Options

TD Auto Finance primarily offers indirect auto financing for the purchase of new and used , originated through participating franchised dealerships rather than direct applications from consumers. This model supports installment contracts, enabling customers to purchases at the point of sale with terms customized to individual needs, such as varying durations and payment structures. The company does not provide leasing options or financing for leased vehicles, nor does it extend to recreational or non-automotive products. Financing focuses on prime credit consumers, with services emphasizing dealer partnerships for efficient loan processing and account management, including online payment flexibility for principal reductions or full payoffs. Specific rates and eligibility are determined at dealerships based on credit assessment, without publicly disclosed fixed APRs or maximum loan amounts.

Specialized and Ancillary Offerings

In addition to core auto financing, TD Auto Finance facilitates the inclusion of ancillary protection products in retail loan agreements, allowing consumers to finance add-ons such as coverage and extended vehicle service contracts directly through the lender. addresses the potential shortfall between a vehicle's insurance payout—based on actual cash value—and the remaining loan principal following a from , , or other covered events, a common risk in depreciating assets like automobiles. These products are typically originated at during the indirect financing process and rolled into the principal balance, with TD Auto Finance servicing the combined obligation. Extended warranties, often termed vehicle service contracts, extend mechanical and corrosion protection beyond the original manufacturer's coverage period, covering repairs for components like engines, transmissions, and . Financing these contracts via TD Auto Finance enables consumers to spread costs over the term rather than paying upfront, though cancellation refunds are subject to pro-rated formulas and lender policies, sometimes leading to disputes over retained fees. Such add-ons represent a standard feature in indirect auto lending, where dealers' finance and insurance (F&I) departments bundle them to enhance deal profitability, with the lender providing the credit extension. TD Auto Finance has also been associated with auto- programs, potentially encompassing debt cancellation or payment deferral options tied to , , or life events, though these are less prominently advertised and may vary by partnership with third-party providers. Unlike direct , these ancillary services leverage the lender's platform for distribution and financing, aligning with industry practices to mitigate risks through bundled protections. Empirical from complaints and regulatory oversight indicate that while these offerings provide value in risk transfer, their terms—such as refund calculations and eligibility—require careful review to avoid overpayment or coverage gaps.

Achievements and Market Performance

Industry Rankings and Awards

In the 2025 U.S. Dealer Financing Satisfaction Study by , TD Auto Finance ranked highest in the national non-captive prime credit segment with a score of 864 out of 1,000, marking its sixth consecutive year at the top of this category. This ranking evaluates dealer satisfaction across factors such as ease of use, contract processing, and support services, based on responses from over 6,000 U.S. dealerships. The previous year's study (2024) saw TD Auto Finance achieve a score of 886, securing the top position for the fifth straight year. In , TD Auto Finance Canada earned the top ranking in the 2025 Canada Dealer Financing for dealer satisfaction among non-captive non-prime lenders with retail credit, achieving its eighth consecutive award in that segment with a score of 820. It also ranked first in the non-captive prime segment with a score of 830, continuing a streak of strong performance in both prime and non-prime categories. These results stem from surveys of Canadian dealerships assessing similar operational and service metrics. TD Auto Finance has consistently outperformed competitors like and in these non-captive national lender evaluations, reflecting dealer preferences for its financing processes over regional and other national providers. No broader consumer-facing awards, such as top auto lender recognitions from independent rating agencies beyond J.D. Power's dealer-focused studies, were identified in recent analyses.

Financial Metrics and Growth

TD Auto Finance's primary financial metrics center on its loan portfolio size, origination volumes, and contributions to TD Bank Group's U.S. segment profitability, with growth driven by indirect auto lending to prime credit customers. The division's U.S. indirect auto loan portfolio totaled $42.981 billion USD as of October 31, 2024, reflecting a 4.7% year-over-year increase from $41.051 billion in fiscal 2023, supported by an 8% rise in personal loan volumes including auto within the U.S. segment. This expansion occurred amid higher provision for credit losses (PCL), which rose to $355 million USD for U.S. indirect auto loans in fiscal 2024 from $205 million the prior year, indicating increased risk provisions tied to economic pressures. More recent quarterly data shows moderated growth, with U.S. indirect outstandings reaching $31.1 billion as of July 31, 2025, up 1.6% year-over-year and quarter-over-quarter, consistent with industry-wide deceleration from elevated interest rates and softening new vehicle demand. Earlier in fiscal 2025, outstandings grew more robustly to $30.3 billion as of April 30, 2024, a 11.8% increase from the year-ago quarter, though this period also saw profit pressures from rising delinquencies and net charge-offs. Origination activity remains a key growth driver, with TD Auto Finance reporting record retail originations in the third quarter of fiscal 2025 ended July 31, bolstered by strong dealer partnerships and prime credit focus. This performance contributed to U.S. segment revenue of $2.532 billion USD for the quarter, though adjusted fell 3.6% year-over-year to $695 million due to higher PCL and costs, including plans to wind down a $3 billion point-of-sale financing portfolio that overlaps with auto-related activities. Overall, the division's growth has been steady but uneven, with cumulative portfolio expansion of approximately 5% from fiscal 2023 to mid-2025, tempered by macroeconomic headwinds such as persistent and normalization post-pandemic.

Controversies and Legal Challenges

Credit Reporting and Consumer Disputes

TD Auto Finance, as a furnisher of information to consumer reporting agencies, has been the subject of consumer complaints alleging inaccuracies in credit reporting, particularly regarding payment histories and account statuses for auto loans. These issues are documented in the Consumer Financial Protection Bureau's (CFPB) Consumer Complaint Database, where filers have claimed violations of the (FCRA), including improper reporting of delinquencies despite evidence of timely payments or resolved disputes. For instance, one complaint detailed repeated failures to correct reporting of an account as overdue, persisting after multiple notifications to credit bureaus. Legal actions have arisen from such disputes, though outcomes have limited precedential impact. In Desselle v. TD Auto Finance LLC (E.D. La. 2020), the pro se plaintiff accused the company of furnishing inaccurate data to agencies and ignoring a dispute letter sent in December 2018, seeking penalties under FCRA § 1681s-2(a). The granted dismissal without , ruling that no private right of exists for individuals under that FCRA subsection, which governs furnishers' duties but reserves enforcement to agencies. Similar allegations appear in other filings, but no large-scale class actions or regulatory enforcement specifically targeting TD Auto Finance's auto lending reporting have resulted in settlements or fines, unlike separate CFPB actions against parent company TD Bank for and inaccuracies. Consumer disputes with TD Auto Finance often involve challenges to reported negative information, processed through the company's dedicated credit dispute form, which requires full account details and may take up to 45 days for investigation if additional evidence is submitted. Better Business Bureau records show isolated complaints tying into credit issues, such as unauthorized loans reported as bad debt or unresolved fraud-related reporting disputes with bureaus. While these reflect patterns of dissatisfaction, the volume remains modest compared to broader industry complaints, with no verified systemic failures leading to widespread credit harm.

Major Lawsuits and Settlements

In TD Auto Finance, LLC v. Bedrosian, filed in 2018 in County (Case No. 18SL-AC06637-01), TD Auto Finance initiated a action following the and sale of the defendant's vehicle but faced counterclaims alleging improper post- notices under law. The case evolved into a representing consumers whose vehicles were by TD Auto Finance between January 19, 2013, and the settlement notice date, claiming violations related to deficient notices of right to redeem and of . A settlement was reached, providing class members with potential cash payments or credits toward deficiencies, subject to court approval; preliminary approval occurred prior to the December 2022 notice period, resolving claims without admission of liability. In Pulliam v. HNL Automotive, Inc. (California Supreme Court, Case No. S267576), plaintiff Tania Pulliam sued a dealership and assignee TD Auto Finance in 2016 after purchasing a defective vehicle, alleging breaches of warranty under the Song-Beverly Consumer Warranty Act. A awarded Pulliam approximately $21,957 in damages plus nearly $170,000 in attorney's fees against TD Auto Finance as the contract holder, applying California's "holder rule" to impose liability for seller claims despite the finance company's limited role in the sale. The Second District Court of Appeal affirmed the fees award in 2021, emphasizing the statutory language binding assignees to retail seller defenses; the California Supreme Court granted review and heard oral arguments on September 8, 2025, focusing on the scope of holder liability in auto finance contracts. This litigation underscores ongoing disputes over finance company exposure to dealer misconduct, potentially influencing industry practices if upheld. TD Auto Finance has defended against additional consumer suits alleging wrongful repossession practices, such as in TD Auto Finance LLC v. Reynolds (West Virginia Supreme Court of Appeals, 2020), where borrowers claimed violations of the Consumer Credit and Protection Act during s, including improper fees and remedies. Courts have variably ruled on repossessor liability and notice adequacy, with TD prevailing in some appeals on procedural grounds like clauses. No large-scale regulatory settlements directly targeting TD Auto Finance's repossession protocols have been documented, though individual resolutions often involve negotiated deficiency reductions.

Ties to Parent Company Regulatory Issues

In October 2024, Toronto-Dominion Bank's U.S. subsidiary, TD Bank, N.A., resolved investigations into systemic failures in its (BSA) and anti-money laundering (AML) compliance programs, agreeing to pay approximately $3.09 billion in penalties across multiple U.S. regulators, including a record $1.3 billion from the (FinCEN). These violations, spanning from 2014 to 2023, involved inadequate monitoring of suspicious transactions, enabling over $670 million in illicit funds to flow through TD Bank's U.S. branches via three criminal networks, with deficiencies rooted in under-resourced compliance systems and failure to file required suspicious activity reports. As TD Auto Finance operates as an integrated division within TD Bank, N.A.'s consumer banking segment following its 2021 merger into the parent entity, these parent-level regulatory shortcomings imposed enterprise-wide repercussions, including an asset cap of $434 billion on TD Bank's U.S. operations and mandatory enhancements to AML controls under independent monitorship. The penalties strained TD Bank's capital resources, prompting strategic adjustments across subsidiaries, including TD Auto 's decision to curtail commercial auto lending and de-emphasize less profitable portfolios to preserve liquidity and prioritize higher-return activities. This retrenchment reflects broader imperatives arising from the AML lapses, as the fines—equivalent to about 10% of TD Bank's annual earnings—necessitated reallocating resources toward remediation, such as hiring over 700 additional AML specialists and appointing Guidepost Solutions as a multi-year monitor for U.S. operations in February 2025. While no evidence indicates direct involvement of auto activities in the laundering schemes, the integrated structure exposes the division to parent-imposed burdens, potentially elevating operational costs and constraining growth in retail and dealer financing amid heightened regulatory . Separate from AML matters, TD Bank faced a September 2024 Consumer Financial Protection Bureau (CFPB) enforcement action for (FCRA) violations, resulting in a $20 million and $7.76 million in consumer redress for inaccurately furnishing credit information, such as delinquency data on credit cards and fraudulent accounts. Although the order did not explicitly reference auto loans, TD Auto Finance's role in consumer credit reporting for vehicle financing ties it to the parent’s furnishing obligations, underscoring shared vulnerabilities in data accuracy across lending products under unified regulatory oversight. These interconnected issues highlight how parent-level deficiencies propagate risks to specialized units like auto finance, influencing lending practices and compliance frameworks without isolated subsidiary penalties.

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