Indonesia's Financial Services Authority has completed its supervisory review of alleged violence during the repossession of financed vehicle collateral involving a third party working with PT Toyota Astra Financial Services in Serang, Banten. The review found indications that the third-party field officer's actions were not in line with the cooperation agreement with TAFS or with TAFS's standard operating procedures for collateral repossession. OJK has required TAFS to carry out a comprehensive review of the governance of its collection and repossession activities and to strengthen oversight of both internal collectors and third-party agents. Following OJK's earlier summons, TAFS reported that it had undertaken an internal review and corrective measures, including terminating cooperation with third parties that did not act in line with the applicable agreement and procedures, providing documents and clarifications to OJK, and reporting progress on the case periodically. OJK also received information بشأن an alleged transfer of fiduciary collateral by the debtor to another party without TAFS approval and without the handover of vehicle ownership documents. It said the alleged violence remains subject to ongoing law enforcement proceedings. OJK also reiterated that finance companies remain responsible for all collection and repossession activity, including where internal or third-party collectors are used. TAFS must submit a corrective action plan within seven working days and report on implementation within 30 working days. The plan must at least cover stronger governance, tighter oversight of third parties, improved collection and repossession procedures, and monitoring and reporting arrangements. OJK said it will monitor implementation intensively and may take firm supervisory action or impose administrative sanctions if breaches of applicable rules are found.
OJK2026-06-27
Indonesia's Financial Services Authority orders Toyota Astra Financial Services to strengthen third-party repossession oversight and file a seven-working-day action plan
Indonesia's Financial Services Authority completed a review of alleged violence in a vehicle repossession case involving a third party working with PT Toyota Astra Financial Services and found indications the actions were inconsistent with TAFS's agreement and procedures. It has ordered TAFS to strengthen governance and third-party oversight, submit a corrective action plan within seven working days, and report implementation within 30 working days. OJK said finance companies remain responsible for collection and repossession activities even when third parties are used.