Avant auto financing

History

Avant hf. (previously known as Sjova fjarmognun hf.) was originally started by Sjova-Almennar tryggingar hf. (Sjova), Iceland’s largest insurance company founded in 1918. Sjova was a subsidiary of Milestone ehf. that owned almost 90% of Askar Capital hf., which is Avant’s current parent company. Avant provides individuals and companies in Iceland with auto loans and auto leases. Avant and Askar Capital are regulated by the Icelandic Financial Supervisory Authority (FME).

Timeline

1918 Sjova founded
1988 Milestone founded in March
1990 Sjova starts lending car loans
2005 Sjova becomes a subsidiary of Milestone ehf.
2005 Sjova fjarmognun founded as a subsidiary of Sjova in December
2006 Sjova fjarmognun formally activated in April
2006 Milestone announced the launch of Askar Capital hf. in November
2006 Askar Capital hf. founded in December
2007 Sjova fjarmognun becomes Avant and becomes a subsidiary of Askar Capital

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Auto loans and leases

Avant’s auto loans and leases can either be with fixed payments of principal or fixed annuities.
If the term of the loan or lease exceeds five years the principal may be linked to the Consumer Price Index (CPI).
Maturities of auto loans and leases to finance the acquisition of new cars can range up to seven years but for used cars the maximum maturity usually decreases one year for each year of the cars age.
No loans or leases are granted for cars more than seven years old. It is possible to prepay the loan and lease partially or in full without any penalty.
Should the car be sold during the credit period it is possible to move the loan or the lease to another car (if the new car fulfills Avant’s demands) or the new buyer can assume the liabilities under the loan or lease with Avant’s consent.
It is possible to get an additional loan or lease during the credit period, if the total loan or lease fits within Avant´s requirements.
The borrower is required to insure the car but he can choose any insurance company.
Car loans and leases are only in ISK.

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Combination of currency baskets

	EUR	USD	CHF	JPY
AV1	29%	14%	38%	38%
AV2	38%	19%	26%	13%
AV3			50%	50%

Combination of Currency basket AV75, AV50 and AV25

	AV1	ISK, non indexed
AV75	75%	25%
AV50	50%	50%
AV25	25%	75%