Rise of 'STNK Only' Sales for Financed Vehicles: Here's How the Scheme Works

The practice of buying and selling financed vehicles using only the vehicle registration document, known as ‘STNK only’, is becoming increasingly widespread and is frequently found on social media. This practice potentially creates legal problems because the vehicle remains a financing object under a fiduciary guarantee.

‘STNK only vehicle sales are rampant on social media right now. In fact, the BPKB is still held by the financing company and the vehicle’s status is still under credit,’ said Suwandi Wiratno, Chairman of the Indonesian Financing Companies Association (APPI), to CNBC Indonesia on Sunday (12/7/2026).

Every debtor has actually signed a fiduciary agreement that prohibits the transfer of the vehicle to another party during the credit period. ‘If a default occurs, the vehicle can actually be sold together through an appropriate mechanism to settle the obligations. That is already regulated in the agreement,’ Suwandi stated.

Problems arise when the vehicle changes hands multiple times without the knowledge of the financing company. This condition complicates the collection and execution process when the debtor falls into arrears.

He added that financing companies are now prioritising a persuasive approach before taking legal action. Credit restructuring remains the primary option if the debtor still shows good faith. ‘What we are looking for are customers who are willing to communicate when they experience difficulties. If it can be resolved through restructuring, there is certainly no need to go as far as vehicle execution,’ said Suwandi.

‘The problem now is that the vehicle has sometimes been transferred to a second, third, or even fourth party in a manner that does not comply with legal procedures,’ he continued.