STNK Only and Debt Collector Business Tighten Credit Financing

Director of Company Supervision of the Financial Services Authority (OJK) Maman Firmansyah. (Photo: Screenshot)

JAKARTA - The practice of violence in debt collection by debt collectors and the prevalence of buying and selling motor vehicles with STNK only are considered to aggravate the risk of the financing industry.

As a result, financing companies are forced to tighten credit approval and adjust business strategies.

Director of Corporate Supervision of the Financial Services Authority (OJK) Maman Firmansyah said that debt collectors are part of the financing ecosystem that cannot be eliminated. However, he continued, his activities must be carried out in accordance with legal provisions.

"The role of debt collectors is important to maintain the quality of financing. But there is no justification for illegal practices, let alone violence," Maman told reporters, Thursday, February 5.

OJK noted that throughout 2025, a number of phenomena emerged that pressured the industry, including failed payment of mass organizations and the only STNK buying and selling forum.

According to Maman, both phenomena are interrelated and have an impact on the decline in the performance of financing companies.

"The end result has an impact on declining sales and caution in underwriting," he explained.

APPI Chairman Suwandi Wiratno revealed that the level of industry caution had increased significantly. Of the 10 financing applications, only about four are now approved.

In addition, the automotive financing portfolio also continues to shrink. The proportion of multi-purpose financing related to automotive decreased to 49 percent from the previous 67 percent.

"STNK only the number is already millions of units throughout Indonesia. This increases the risk of financing," said Suwandi.

Chairman of Infobank Media Group Eko B. Supriyanto emphasized that the STNK only transaction was illegal because the BPKB was the only proof of legal ownership of motor vehicles.

He encouraged law enforcement and regulation of illegal advertisements on social media to protect the industry and consumers.