Chrysler Financial has been bought from private equity firm Cerberus Capital Management by Canada's Toronto-Dominion Bank for $6.3 billion (£4.1bn).

The price includes $5.9bn for the company's assets and $400m of goodwill, reports the BBC today.

TD boss Ed Clark said the deal would make the combined firm one of the "top five auto lenders" in the US.

Chrysler Financial is the former lending arm of the US carmaker that was bailed out by the US government last year and is now owned by Italy's Fiat.