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Abstrak :
Metode Credit Risk+ digunakan untuk menghitung Economic Capital akibat risiko gagal bayar (default) pelanggan pada PT Toyota Astra Financial Services selama periode Januari 2007 hingga Desember 2010. Penggunaan metode Credit Risk+ yang membutuhkan input data sederhana, berupa portofolio eksposur default dan recovery rates, serta tidak mengasumsikan penyebab default, cocok digunakan untuk perhitungan risiko kredit retail. Asumsi default atau non performing loan menggunakan ketentuan Bank Indonesia, yaitu saat tunggakan melebihi 90 hari. Metode pengukuran Credit Risk+ dilakukan dalam tiga tahap, pertama dengan menghitung eksposur default portofolio, kedua dengan menghitung frequency of defaults, ketiga dengan menghitung probability of default yang digunakan untuk mencari distribution of losses yang terjadi pada PT Toyota Astra Financial Services. Frequency of defaults dihitung dengan menggunakan asumsi tingkat keyakinan sebesar 99%. Distribution of losses dihitung diperoleh dengan menghitung besarnya expected loss, unexpected loss serta economic capital. Besarnya modal yang digunakan untuk menutup unexpected loss inilah yang disebut sebagai economic capital. Dalam penelitian ini dilakukan backtesting dengan menggunakan loglikelihood ratio (LR) Test, dan diapatkan hasil sebesar 0 dimana hasil tersebut lebih kecil dibandingkan nilai kritis chi-squared sebesar 6.6439. Hasil ini menunjukkan bahwa metode Credit Risk+ yang digunakan dalam penelitian ini masih valid digunakan sebagai model internal untuk mengukur risiko kredit dan menghitung Economic Capital pada PT Toyota Astra Financial Services. ......Credit Risk + methods is used to calculate the economic capital of customer default risk at PT Toyota Astra Financial Services during the period of January 2007 to December 2010. Credit Risk + method only requires simple data input, which is portfolio exposure to default and recovery rates, and do not assume the cause of default. With simplicity offered, this method is suitable for retail credit risk calculations. The assumption of non-performing loan or default is based of Bank Indonesia regulation, when the overdue days of defaults exceed 90 days. Credit Risk + measurement methods carried out in three stages, first by calculating the portfolio default exposure, second by counting the frequency of defaults, finally calculating the probability of default which is used to find the distribution of losses that occurred at PT Toyota Astra Financial Services. Frequency of defaults is calculated using the assumption of 99% confidence level. The Distribution of losses is obtained by calculating the expected loss, unexpected loss and economic capital. The amount of capital used to cover unexpected loss is referred as economic capital. In this work, backtesting is done by using Loglikelihood Ratio (LR) Test, and the obtained results is 0 which is smaller than the critical value of chi-squared of 6.6439. These results indicate that the method of Credit Risk + used in this work is still valid and can be used as an internal model to measure credit risk and calculate economic capital at PT Toyota Astra Financial Services.

Abstrak :
Ini adalah sebuah realitas dipasar bahwa perusahaan dalam bisnisnya terkadang menimbulkan switching cost kepada konsumennya, untuk menghambat mereka beralih ke perusahaan yang lain. Dalam situasi yang kompetitif, seperti industri pembiayaan, dimana sebagian besar konsumen berhubungan dengan perusahaan hanya pada sekali pertemuan, memiliki potensi switching cost sebagai penghambat dan sebuah bahan pengikat dari loyalitas pelanggan dapat berubah? Untuk mengatasi masalah tersebut, penelitian ini meneliti efek moderasi switching cost terhadap Customer Loyalty diukur melalui nilai customer satisfacion dan Perceived Vaue. Hasilnya, diperoleh dari kuesioner berbasis e-mail terhadap konsumen pengguna perusahaan pembiayaan, menunjukkan bahwa untuk meningkatkan Customer Loyalty perusahaan harus fokus terutama kepada Customer Satisfaction dan Perceived Vaue. Efek moderasi switching cost hanya akan memperkuat hubungan hal tersebut. Mengingat penemuan utama tersebut, penelitian ini memberikan implikasi strategis terhadap Customer Loyalty dalam industri pembiayaan konsumen.

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It is a marketplace reality that company sometimes inflict switching cost on their customer, to inhibit them from defecting to other company. In a competitive setting, such as financial industries, where most of customers contact with company only at once, has the potential of switching cost as an exit barriers and a binding ingredient of customer loyalty become altered? To address that issue, this research examines the moderating effect of switching cost on customer loyalty through both satisfaction and perceived value measures. The results, evoked from an e-mail based questionnaire to the user?s of consumer financing company, indicate that to increase customer loyalty company has to focus primarily to customer satisfaction and perceived value. Moderating effect of switching cost will only strengthen this relationship. In light of the major findings, this research sets forth strategic implication for customer loyalty in the setting of consumer financing industries.

Abstrak :
[ABSTRAK
Tujuan penelitian ini adalah untuk melihat pengaruh faktor-faktor internal perusahaan pembiayaan terhadap non-performing financing pada perusahaan pembiayaan yang terdaftar di Bursa Efek Indonesia selama periode penelitian yaitu dari tahun 2010 hingga 2014. Fakto-faktor yang diteliti dalam penelitian ini adalah tingakt pembiayaan bermasalah (NPF), tingkat pertumbuhan pembiayaan (growth), tingkat pengambilan risiko (Risk), ukuran perusahaan yang dilihat dari total asetnya (Size), tingkat efisiensi operasional perusahaan (Effeciency), Return on Asset, Gearing ratio. Sampel pada penelitian ini adalah 8 perusahan yang sudah sesuai dengan kriteria penelitian ini, yang meliputi hanya perusahaan pembiayaan yang terdaftar pada Bursa Efek Indonesia sejak 2009 dan memiliki data laporan keuangan dari tahun 2009-2014. Estimasi model dilakukan dengan menggunakan regresi panel Random Effects Model. Hasil penelitian menunjukkan bahwa hanya tingkat efisiensi operasional perusahaan (Effeciency), Return on Asset, Gearing ratio, tingkat pengambilan risiko (Risk), dan ukuran perusahaan yang dilihat dari total asetnya (Size) yang memiliki hubungan terhadap nonperforming financing sedangkan tingkat pertumbuhan pembiayaan (growth) tidak mempunyai hubungan terhadap non-performing financing.

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ABSTRACT
The purpose of this study is to explore the impact of internal factor toward nonperforming financing in financing company listed in Indonesian Stock Exchange (IDX) with period of research from 2010-2104. The variables that are being explored are non-performing financing, financing growth, risk-taking level, size of total asset, efficiency operational, return on asset, and gearing ratio. Research?s sample was 8 companies which are in accordance with the criteria of this study, which covers only the financing company listed on the indonesia stock exchange since 2009 and has the financial statement data from 2009 to 2014. The Random Effects Model of panel regression is being employed in the model estimation. Result of this research showed that Effeciency, ROA, Gearing Ratio, Risk, and Size was influencing on non-performing financing while growth financing is not influencing on non-performing financing, The purpose of this study is to explore the impact of internal factor toward nonperforming financing in financing company listed in Indonesian Stock Exchange (IDX) with period of research from 2010-2104. The variables that are being explored are non-performing financing, financing growth, risk-taking level, size of total asset, efficiency operational, return on asset, and gearing ratio. Research’s sample was 8 companies which are in accordance with the criteria of this study, which covers only the financing company listed on the indonesia stock exchange since 2009 and has the financial statement data from 2009 to 2014. The Random Effects Model of panel regression is being employed in the model estimation. Result of this research showed that Effeciency, ROA, Gearing Ratio, Risk, and Size was influencing on non-performing financing while growth financing is not influencing on non-performing financing]

Abstrak :
ABSTRAK Pembentukan Otoritas Jasa Keuangan (OJK) membuat perusahaan pembiayaan harus melakukan penyesuaian terhadap ketentuan-ketentuan baru yang dikeluarkan oleh OJK. Sedangkan sebelum pembentukan OJK, peraturan bagi perusahaan pembiayaan tidaklah terlalu lengkap. Permasalahan yang diangkat dalam tesis ini adalah bagaimana penyelenggaraan kegiatan perusahaan pembiayaan setelah dibentuknya OJK dan bagaimana peran notaris dalam kaitannya dengan keberadaan OJK bagi perusahaan pembiayaan. Penulisan ini menggunakan metode penelitian yuridis normatif yang mengacu pada norma-norma hukum dan didukung dengan studi kepustakaan dengan cara meneliti dan menganalisa bahan-bahan pustaka dibidang hukum. Penelitian ini menemukan bahwa ketatnya pengaturan yang dilakukan oleh OJK terhadap perusahaan pembiayaan sebagaimana diatur dalam Peraturan OJK No.29/POJK.05/2014 dan sulitnya adaptasi yang dilakukan perusahaan pembiayaan terhadap peraturan tersebut mengakibatkan banyaknya perusahaan pembiayaan yang dikenakan sanksi oleh OJK, baik sanksi administratif maupun sanksi pencabutan usaha. Penelitian ini juga menemukan bahwa notaris yang akan melakukan kegiatan di sektor jasa keuangan yang menjadi ruang lingkup OJK tidak diwajibkan untuk melakukan pendaftaran ke OJK, kecuali bagi notaris yang akan melakukan kegiatannya di pasar modal.

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ABSTRACT The establishment of the Financial Services Authority (OJK) requires finance companies to do adjustment to comply with the new Regulations of OJK. Before the establishment of OJK, the regulations for finance companies were not too comprehensive. The problem raised in this thesis is how to carry out the activities of finance companies after the establishment of the OJK and how the role of the notary in relation to the existence of OJK for finance companies. This thesis using a normative juridical research method which refers to the legal norms and literature study to examines and analyzes library materials in the field of law. This study finds that new regulation for finance companies, the OJK Regulation No.29/POJK.05/2014, is more rigorous and requires the finance companies to give more efforts to comply with the new regulation. Thus, many financing companies were punished with a range of different sanctions, from administrative sanctions up to the revocation business license. Moreover, the study also finds that the notary who is going to do business in the finance sector is not obliged to register to OJK, unless the notary wants to doing business in capital market.

Abstrak :
Tesis ini membahas mengenai pelaksanaan eksekusi objek jaminan fidusia yang dilakukan diluar pengadilan, lebih khusus setelah diputusnya Putusan Mahkamah Konstitusi Nomor 18/PUU-XVII/2019. Sebagaimana dikemukakan dalam Putusan Mahkamah Agung Nomor 1978 K/PDT/2020 dimana Perusahaan Pembiayaan melaksanakan eksekusi objek jaminan fidusia diluar pengadilan melalui titel eksekutorial namun pihak lain tidak menghendaki hal tersebut. Permasalahan pada penelitian ini tentang pelaksanaan eksekusi objek jaminan fidusia dalam putusan tersebut yang dilaksanakan sebelum Putusan Mahkamah Konstitusi Nomor 18/PUU-XVII/2019 disahkan, namun diputus setelah putusan Mahkamah Konstitusi tersebut disahkan. Untuk menjawab permasalahan tersebut digunakan metode penelitian hukum yuridis normatif menggunakan pendekatan perundang-undangan serta kasus dengan menggunakan data sekunder disertai tipologi penelitian eksplanatoris. Dalam penelitian ini ditemukan bahwa pelaksanaan eksekusi objek jaminan fidusia boleh dilakukan tanpa melalui pengadilan, namun harus tetap berdasar pada Undang-Undang Nomor 42 Tahun 1999 tentang Jaminan Fidusia dan Putusan Mahkamah Konstitusi 18/PUU-XVII/2019 sehingga Perusahaan Pembiayaan harus memperbaharui pedoman dalam rangka pelaksanaan eksekusi objek jaminan fidusia. ......This thesis discusses about the implementation of the execution of fiduciary guarantee objects that are carried out outside the court, more specifically after the decision of the Constitutional Court Number 18/PUU-XVII/2019. As stated in the Supreme Court Decision Number 1978 K/PDT/2020 where the Financing Company executes the fiduciary guarantee object outside the court through an executorial title but other parties do not want this. The problem in this study is the implementation of the execution of the fiduciary guarantee object in the decision which was carried out before the Constitutional Court Decision Number 18/PUU-XVII/2019 was ratified, but was decided after the Constitutional Court decision was ratified. To answer these problems, normative juridical law research methods are used using statutory and case approaches using secondary data accompanied by an explanatory research typology. In this study it was found that the execution of fiduciary guarantee objects may be carried out without going through a court, but must still be based on Law Number 42 of 1999 concerning Fiduciary Guarantees and Constitutional Court Decision 18/PUU-XVII/2019 so that Financing Companies must update the guidelines in the context of implementing the execution of fiduciary guarantee objects.

Abstrak :
Tesis ini membahas mengenai sumber pendanaan dengan cara melakukan sekuritisasi terhadap piutang pembiayaan konsumen. Penelitian dilakukan dengan cara membandingkan beban bunga dari tiga sumber pendanaan, yaitu pinjaman bank, obligasi, dan sekuritisasi aset. Data yang digunakan adalah laporan keuangan PT. ABC Finance per 31 Desember 2009. Metode analisis menggunakan interest coverage ratio untuk menentukan tingkat bunga sekuritisasi. Dari hasil analisis diperoleh hasil gross margin dari pinjaman bank, obligasi, dan sekuritisasi berturut-turut sebesar 2,65%, 4,95%, dan 2,81%. Dengan demikian disimpulkan bahwa sekuritisasi aset bukanlah sumber pendanaan termurah bagi Perseroan pada saat ini walaupun Perseroan memiliki kemampuan serta potensi sumber pendanaan yang memadai untuk melakukan sekuritisasi terhadap piutang pembiayaan konsumen yang dimiliki dalam portofolionya.

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This thesis discusses about the source of funding by means of securitization of consumer finance receivables. Research done by comparing cost of fund from the three sources of funding, namely bank loans, bonds, and asset securitization. The data used are the financial statements of PT. ABC Finance as of December 31, 2009. Analysis method using the interest coverage ratio to determine the interest rate securitization. The results of analysis of gross margin results from bank loans, bonds, and assets securitization are 2.65%, 4.95%, and 2.81%, consecutively. It concludes that asset securitization is not the cheapest source of financing for the Company at this time although the Company has the ability and potential sources of funding sufficient to do the securitization of consumer finance receivables held in its portfolio.

Abstrak :
Skripsi ini membahas bentuk perlindungan hukum bagi Perusahaan Pembiayaan atas dikabulkannya permohonan Penundaan Kewajiban Pembayaran Utang (“PKPU”) yang diajukan oleh Kreditornya dalam Putusan Nomor 01/Pdt.Sus-PKPU/2019/PN.Niaga.JKT.PST. Adapun salah satu syarat yang harus dipenuhi untuk mengajukan permohonan PKPU adalah syarat legal standing yang sah oleh pemohon berdasarkan Pasal 223 jo. Pasal 2 ayat (3) jo. ayat (4) jo. ayat (5) Undang-Undang Nomor 37 Tahun 2004 tentang Kepailitan dan Penundaan Kewajiban Pembayaran Utang (“UU KPKPU”). Sejak terbitnya UU OJK, OJK merupakan satu-satunya pihak yang mengawasi kegiatan jasa keuangan di sektor pembiayaan sesuai dengan Pasal 6 jo. Pasal 55 ayat (1) jo. Pasal 30 ayat (1) Undang-Undang Nomor 21 Tahun 2011 tentang Otoritas Jasa Keuangan (“UU OJK”). Namun, pada praktiknya, Majelis Hakim telah mengabulkan permohonan PKPU terhadap PT Mandiri Finance Indonesia (“PT MFI”) yang diajukan oleh salah satu Kreditornya, yaitu PT Bank Oke. Secara jelas, Majelis Hakim tidak mempertimbangkan adanya kesalahan kewenangan pengajuan permohonan PKPU terhadap PT MFI oleh Bank Oke sebagai Kreditor Bank PT MFI. Tidak hanya itu, apabila permohonan PKPU a quo diajukan oleh pihak yang tidak berwenang, panitera pengadilan negeri a quo harus menolak permohonan PKPU a quo. Penelitian ini bertujuan untuk menganalisis pertimbangan Majelis Hakim Putusan Nomor 01/Pdt.Sus-PKPU/2019/PN.Niaga.Jkt.Pst dalam menerapkan kewenangan mengajukan permohonan PKPU oleh OJK terhadap PT Mandiri Finance Indonesia atas Dikabulkannya permohonan PKPU yang diajukan oleh PT Bank Oke. Adapun penelitian ini merupakan penelitian yuridis normatif dengan tipologi penelitian deskriptif. Hasil dari penelitian menunjukkan bahwa kewenangan untuk mengajukan permohonan pernyataan pailit dan PKPU terhadap Perusahaan Pembiayaan hanya berada pada OJK sejak diundangkannya UU OJK. Dasar pertimbangan Majelis Hakim a quo dalam mengabulkan permohonan PKPU dalam Putusan Nomor 01/Pdt.Sus-PKPU/2019/PN.Niaga.Jkt Pst bertentangan dengan syarat formil pengajuan permohonan PKPU. Kemudian, panitera juga telah keliru dalam menerapkan prosedur pemeriksaaan berkas perkara. ......This thesis discusses the form of legal protection for the Financing Company upon the granting of the Debt Payment Obligation Postponement ("PKPU") application filed by its Creditors in Decision Number 01/Pdt.Sus-PKPU/2019/PN.Niaga.JKT.PST. One of the requirements that must be met to file a PKPU application is a valid legal standing requirement by the applicant based on Article 223 jo. Article 2 paragraph (3) jo. paragraph (4) jo. paragraph (5) of Law Number 37 of 2004 concerning Bankruptcy and Suspension of Debt Payment Obligations ("KPKPU Law"). Since the issuance of the OJK Law, OJK is the only party that supervises financial services activities in the financing sector in accordance with Article 6 jo. Article 55 paragraph (1) jo. Article 30 paragraph (1) of Law Number 21 Year 2011 on the Financial Services Authority ("OJK Law"). However, in practice, the Panel of Judges has granted the PKPU application against PT Mandiri Finance Indonesia ("PT MFI") filed by one of its Creditors, namely PT Bank Oke. Clearly, the Panel of Judges did not consider that there was an error in the authority to file a PKPU application against PT MFI by Bank Oke as a Creditor of PT MFI. Not only that, if the a quo PKPU application is filed by an unauthorized party, the clerk of the district court must reject the a quo PKPU application. This study aims to analyze the regulation and application of legal protection of Financing Companies for the granting of PKPU applications in Decision Number 01/Pdt.Sus-PKPU/2019/PN. Niaga. Jkt Pst. This research is a normative juridical research with descriptive research typology. The results of the research show that the authority to submit applications for bankruptcy and PKPU statements against Financing Companies can only be submitted by OJK since the enactment of the OJK Law. The reasoning of the Panel of Judges a quo in granting the PKPU application in Decision Number 01/Pdt.Sus-PKPU/2019/PN.Niaga.Jkt Pst is contrary to the formal requirements for filing a PKPU application. Then, the clerk has also been wrong in applying the procedure for examining the case file.

Abstrak :
Laporan magang ini menjelaskan evaluasi prosedur loan review yang dilakukan oleh KAP AXA dalam menentukan rating kolektibilitas pinjaman debitur PT DEF sesuai dengan kriteria komponen penilaian yang tertera pada Peraturan Otoritas Jasa Keuangan. PT DEF adalah perusahaan pembiayaan milik negara yang memiliki tiga aktivitas bisnis utama, antara lain: Pembiayaan investasi, Pembiayaan Modal Kerja, dan Pembiayaan Multiguna. Laporan magang ini akan mengevaluasi dasar penilaian kolektibilitas yang dilakukan oleh KAP AXA terhadap debitur PT DEF, apakah telah sesuai dengan Peraturan yang berlaku. Hasil dari evaluasi menunjukkan bahwa praktik loan review yang dilakukan oleh KAP AXA, secara garis besar, telah sesuai dengan komponen penilaian yang tertera pada Peraturan Otoritas Jasa Keuangan. Laporan magang ini juga membahas hasil refleksi diri penulis atas pengalaman selama periode magang berlangsung. ......This internship report describes the evaluation of the loan review procedure carried out by KAP AXA in determining the collectibility rating of PT DEF's debtors' loans in accordance with the assessment component criteria stated in Peraturan Otoritas Jasa Keuangan. PT DEF is a state-owned finance company that has three main business activities, including: Investment Financing, Working Capital Financing, and Multipurpose Financing. This internship report will evaluate the basis of the collectibility assessment carried out by KAP AXA on PT DEF debtors, whether it is in accordance with the applicable regulations or not. The results of the evaluation show that the loan review practice carried out by KAP AXA, in general, is in accordance with the assessment components stated in the Peraturan Otoritas Jasa Keuangan. This internship report also discusses the results of the author's self-reflection on the experience during the internship period.

Abstrak :
[Kewajiban pendaftaran fidusia oleh perusahaan pembiayaan yang termuat dalam PMK No. 130/PMK 010/2012 pendaftaran harus dilakukan maksimal 30 hari setelah perjanjian pembiayaan ditandatangani. Kewajiban pendaftaran jaminan fidusia juga berlaku bagi pembiayaan konsumen kendaraan bermotor berdasarkan prinsip syariah dan/atau pembiayaan konsumen kendaraan bermotor yang pembiayaannya berasal dari pembiayaan penerusan (channeling) atau pembiayaan bersama (joint financing). Kepastian hukum jaminan fidusia erat kaitannya dengan pendaftaran fidusia. Proses pendaftaran sertifikat fidusia yang membutuhkan waktu yang lama kini tidak akan terjadi lagi dengan dimunculkannya sistem pendaftaran jaminan fidusia online. Melalui sistem ini, pendaftaran fidusia menjadi lebih cepat, akurat, dan bebas pungutan liar dan mendorong peningkatan pendapatan negara dari sektor penerimaan negara bukan pajak (PNBP). Pendaftaran jaminan fidusia oleh perusahaan pembiayaan menjadi suatu kewajiban dalam rangka pemenuhan asas publisitas dan untuk memberikan hak preferensi bagi penerima fidusia. Jadi melalui fasilitas pendaftaran jaminan fidusia yang disediakan oleh pemerintah, diharapkan kepastian hukum dalam Undang-Undang Jaminan Fidusia dapat terpenuhi sesuai dengan tujuan dibentuknya Undang-Undang Jaminan Fidusia yang antara lain adalah untuk memenuhi kebutuhan hukum masyarakat, untuk menjamin kepastian hukum dan untuk memberikan perlindungan kepada pihak-pihak yang berkepentingan. ......Registration of fiduciary by financing companies according to PMK No. 130 / PMK 010/2012 registration must be made up to 30 days after signing the financing agreement. Registration fiduciary also applies to motor vehicle consumer financing based on Islamic principles and / or financing consumer financing motor vehicles originating from financing forwarding (channeling) or cofinancing (joint financing). Legal certainty is closely related to fiduciary registration. The registration process fiduciary certificates that require a long time now not going to happen again with fiduciary online registration system. Through this system, the registration of fiduciary becomes more rapid, accurate, and free extortion and boost state revenues from the sector of non-tax revenues (non-tax). Registration fiduciary by the finance company become an obligation in order to fulfill the principle of publicity and to give preference for the recipient fiduciary rights. So through a fiduciary guarantee registration facilities provided by the government, expected legal certainty in Law Fiduciary can be met in accordance with the purpose of establishing the Fiduciary Law, among others, is to meet the legal needs of the community, to ensure legal certainty and to provide protection to interested parties. ;Registration of fiduciary by financing companies according to PMK No. 130 / PMK 010/2012 registration must be made up to 30 days after signing the financing agreement. Registration fiduciary also applies to motor vehicle consumer financing based on Islamic principles and / or financing consumer financing motor vehicles originating from financing forwarding (channeling) or cofinancing (joint financing). Legal certainty is closely related to fiduciary registration. The registration process fiduciary certificates that require a long time now not going to happen again with fiduciary online registration system. Through this system, the registration of fiduciary becomes more rapid, accurate, and free extortion and boost state revenues from the sector of non-tax revenues (non-tax). Registration fiduciary by the finance company become an obligation in order to fulfill the principle of publicity and to give preference for the recipient fiduciary rights. So through a fiduciary guarantee registration facilities provided by the government, expected legal certainty in Law Fiduciary can be met in accordance with the purpose of establishing the Fiduciary Law, among others, is to meet the legal needs of the community, to ensure legal certainty and to provide protection to interested parties. , Registration of fiduciary by financing companies according to PMK No. 130 / PMK 010/2012 registration must be made up to 30 days after signing the financing agreement. Registration fiduciary also applies to motor vehicle consumer financing based on Islamic principles and / or financing consumer financing motor vehicles originating from financing forwarding (channeling) or cofinancing (joint financing). Legal certainty is closely related to fiduciary registration. The registration process fiduciary certificates that require a long time now not going to happen again with fiduciary online registration system. Through this system, the registration of fiduciary becomes more rapid, accurate, and free extortion and boost state revenues from the sector of non-tax revenues (non-tax). Registration fiduciary by the finance company become an obligation in order to fulfill the principle of publicity and to give preference for the recipient fiduciary rights. So through a fiduciary guarantee registration facilities provided by the government, expected legal certainty in Law Fiduciary can be met in accordance with the purpose of establishing the Fiduciary Law, among others, is to meet the legal needs of the community, to ensure legal certainty and to provide protection to interested parties. ]