NEW YORK ( TheStreet) -- Toronto-Dominion Bank ( TD - Get Report) is close purchasing Chrysler Financial for about $6 to $7 billion, according to Bloomberg. Chrysler Financial is owned by private equity firm Cerberus Capital Management. According to the report, Cerberus would keep $1 billion of Chrysler Financial's assets. Cerberus purchased the assets in 2007 as part of the firm's push into the auto industry. Toronto-Dominion has been expanding over the past year through the acquisitions of South Financial Group and several Federal Deposit Insurance Corp.-assisted transactions. Jim McTevia of McTevia & Associates told TheStreet in an interview earlier this month that many large banks are looking to get into auto lending at the moment. Separately, Gerard Cassidy, a RBC Capital Markets analyst suggested that several banks including PNC ( PNC), Wells Fargo ( WFC) and US Bancorp ( USB) could also looking at acquiring in the auto sector to diversify assets. --Written by Maria Woehr in New York. To contact the writer of this article, click here: Maria Woehr. To follow the writer on Twitter, go to http://twitter.com/newsgirlmw. To submit a news tip, send an email to: firstname.lastname@example.org.