Shares of Santander Consumer (SC) fell yesterday after Bloomberg reported on the potential prospect of Fiat Chrysler (FCAU) creating its own captive finance arm in the U.S. Citing the time it takes to ramp a captive platform and the five years remaining on Santander Consumer's contract, Jefferies analyst John Hecht does not see a near-term threat to Santander Consumer's business. Further, he expects Santander Consumer can focus on new products and channels over time to the extent that Chrysler develops a financing arm. The analyst also believes there would be "potentially meaningful breakup fees" under various scenarios. As such, he currently considers Fiat breaking its agreement with Santander Consumer as an unlikely outcome. Hecht has a Buy rating on the shares with a $25 price target.