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Jeep

Graduated Payment Mortgage

A method of amortizing a mortgage such that payments are initially lower than they would be for a comparable mortgage with flat payments, and gradually increase over three, five, or seven years. When payments reach their full amount, they are usually higher than they would have been had the mortgage holder made flat payments over the life of the mortgage. This is because the difference between the initial payments and what the initial payments would have been in a flat payment scheme is added to the principal. A mortgage holder may opt for a GPM if he/she does not have the cash flow for the full mortgage when he/she buys the property, but expects to have it in the future. This entails risk for both the borrower and the lender as those cash flows may or may not be there when the time comes. See also: ARM.
References in periodicals archive ?
This year was rally's second edition, which saw participation of 35 jeeps from various parts of the country.
DaimlerChrysler supplies new Jeeps for the classes and there's no deductible to pay if you ding it.
By V-Day in June 1946, more than 300,000 Jeeps had been built, mostly by Ford and Willys.
Founded in 1977, the Columbiana, Ohio based Four Wheel Drive Hardware is a leading catalog and internet retailer of Jeep aftermarket parts and accessories.
For the 2015 model year, there are a few changes Jeep lovers may notice.
VENTURA - Kim Stewart purchased Pink Moment Jeep Tours in 1998 after bad weather caused by El Nino practically killled the business, but she was able to diversify her services, rebuild the business and turn a profit.
22, 2013 /PRNewswire-iReach/ -- One of the most famous off-road vehicle brands in the auto industry is giving drivers an incredible lineup of new Jeep vehicles in Austin, TX.
The entire line-up of new 2013 Jeep models has arrived at Northstar Jeep in Brisbane.
19, 2013 /PRNewswire/ -- It seems that with every passing year the engineers at Jeep strive to push the limits of automotive design and innovation.
Newly designed seats have also been added to the 2013 Jeep Wrangler in Schaumburg IL which improves the comfort level and overall driving experience.
Jeep Owners Bring Families and Friends to Enjoy Weekend of Outdoor Activities * 'Jeep Salutes: Red, White & Blue' Honors the Heroes of World War II * Jason Mraz and Gavin DeGraw Lead Entertainment Lineup; Special Appearance by The Oak Ridge Boys * Skateboard Legend Tony Hawk Ramps Up the Action on Sunday at Jeep King of the Mountain