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jeep
(redirected from Graduated Payment Mortgage)

   Also found in: Dictionary/thesaurus, Financial, Acronyms, Wikipedia 0.01 sec.
jeep, small, durable automotive vehicle intended for heavy-duty applications and sometimes provided with the capability of delivering driving power to all four wheels. The last feature allows superior performance on slippery surfaces such as those formed by ice or mud. The earliest jeeps were used by U.S. military services during World War II.

jeep

Outstanding light vehicle of World War II, developed by the U.S. Army Quartermaster Corps. It weighed 1.25 tons, had a four-cylinder engine, and could climb 60° grades and operate on rough terrain thanks to its four-wheel drive and high clearance. The origin of it name is uncertain; one theory traces it to the military designation “vehicle, GP” (i.e., general-purpose). Since the war the jeep has been adapted for civilian use, though it has been replaced in the U.S. military by the High Mobility Multipurpose Wheeled Vehicle (HMMWV), or Humvee.


jeep [jēp]
(mechanical engineering)
A one-quarter-ton, four-wheel-drive utility vehicle in wide use in all United States military services.


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A variation on the graduated payment mortgage is the adjustable graduated payment plan; this works on the same principle, but the interest rate varies according to a financial index.
There is also a graduated payment mortgage, which has a fixed interest rate but changing payment amounts.
As interest rates rose in the late 1970s and early 1980s, mortgage lenders offered such new products as adjustable-rate mortgages (ARMs) and graduated payment mortgages (GPMs), with deeply discounted initial rates and negative amortization.
 
 
 
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