Jeep

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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 ?
The Patriot will be the new entry-level price point for the Jeep brand."
At a homespun private museum in Placerville, California, the oldest existing military jeep rests in its own split-cedar carport.
The next generation of Jeeps are already on the cards, complete with hi-tech innovations such as an infra-red eye which reads the body temperature of the two front seats and creates a personal temperature zone round each of them.
Except for a few 2-wheel drive models in the past, Jeep has always held tight to its supreme off-road capability.
Although no one person actually invented the Jeep, Karl K.
The all-new Jeep Wrangler is a one-of-a-kind vehicle that is ready to write a new exciting chapter in the legendary history of the Jeep brand, a story which began in 1941.
The problem is that proponents of neoliberalism want to 'modernize,' thus recommend the junking of jeeps to give way to 'more advanced' all-imported models.
Because they were "soft-skinned" (military parlance for any vehicle without armor) the jeep's attrition rate was high.
In May, Chrysler also recalled 67,872 Jeep Wranglers produced during the 2010 model year to fix a transmission problem that the company said could lead to vehicle fires, as noted by the (http://www.csmonitor.com/Business/In-Gear/2012/0521/Jeep-Wranglers-recalled-for-potential-fire-hazard) Christian Science Monitor .
I WAS interested in the Jeep picture in Stop the Clock (ECHO, Nov 11).
The choice is wide, with new cars from Volvo, Nissan, Mazda and Chrysler Jeep and hundreds of second- hand cars.
Visitors to Camp Jeephave the opportunity to view and test drive the latest Jeeps in both road and off-road conditions, with instructors from the Jeep Academy, from the iconic Jeep Wrangler (sales up 73% over last year), Renegade, Compass, Cherokee and Grand Cherokee.