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Santander Consumer dips after news of Fiat Chrysler's plan for own finance unit

Santander Consumer USA Holdings Inc. saw its stock decline 6.50% to $17.85 on Wednesday, May 30, following news that Fiat Chrysler Automobiles NV, one of the auto lender's biggest customers, was planning to set up its own finance unit in the U.S.

The carmaker is expected to unveil the plan, which is part of its wider five-year strategy, at an investor meeting in Turin, Italy on Friday, June 1, Bloomberg News reported, citing unnamed sources familiar with the matter.

In an emailed statement to Bloomberg News, Santander Consumer USA said that its existing 10-year financing agreement, which was signed in 2013, with the carmaker remains in operation.

Dallas-based Santander Consumer USA, a subsidiary of Spain-based Banco Santander SA, is listed on the New York Stock Exchange under the ticker symbol SC.