Settlement of Default Due to Loss of Collateral: A Case Study of PT. Federal International Finance (FIF Group)

Ferdiansyah Putra Manggala; Dyah Ochtorina Susanti; Nima Norouzi

doi:10.30996/jhbbc.v9i1.12911

Authors

Ferdiansyah Putra Manggala Universitas Jember, Indonesia
Dyah Ochtorina Susanti Universitas Jember, Indonesia
Nima Norouzi University Tehran, Iran

DOI:

https://doi.org/10.30996/jhbbc.v9i1.12911

Keywords:

legal consequences, guarantee, insurance, finance

Abstract

The rapid growth of human needs, driven by advances in science and technology, has given rise to various purchasing methods such as buying, renting, and borrowing. Among secondary needs, personal vehicles, especially motorcycles, play an important role in daily mobility. The normative method is used to examine the legal issues raised by the researcher, using a conceptual approach along with a legal approach. To support economic growth in Indonesia, financial institutions, including banks and non-banks, have emerged as intermediaries that provide funds to improve the living standards of citizens. PT. Federal International Finance (FIFGROUP), a financing company, offers motorcycle financing with insurance coverage from PT. Astra Honda Motor, which includes a Total Loss Only (TLO) policy, protects against theft, accidents, and loss. Regulations such as Minister of Finance Regulation No. 130/PMK. 010/2012 mandates the registration of fiduciary guarantees for motor vehicle financing. While various insurance policies are available including life, health, and vehicle insurance, problems may arise, such as cases where customers face low compensation claims after a motorcycle theft. The laws and regulations under the Civil Code stipulate that the obligation to return financing can be removed if the collateral is lost without fault. Therefore, if the motorcycle is lost and not due to the debtor's fault, then the financing agreement can be considered null and void and the debtor is free from further payment obligations. Insurance liability includes compensatory measures to ensure claims are processed fairly, but certain provisions may not apply uniformly. The insurer's obligation is to provide compensation after assessing the event that caused the loss, ensuring that the contractual obligation is fulfilled within the stipulated time frame, thus protecting the rights of consumers in unexpected circumstances.

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