Glossary of Auto Loan Terms
(G)
Grantee
The buyer.
Grantor
The seller.
Gross income
The amount earned before taxes and other fees. The gross income may
include child support, alimony, pay from a job or other earnings.
The gross income is one of the factors used by lenders to determine
whether to grant a loan.
Gross Monthly Income
The amount earned each month before taxes and other costs are taken
out.
Guarantee
A promise to fulfill specific details, options and terms is called a
guarantee.
Guarantee of Title (GOT)
A vehicle title may not be available at the time of purchase. If
that happens, a document called the Guarantee of Title should be
provided. This document protects the new owner in case he or she is
questioned by law enforcement officials.
Guaranteed Automobile Protection (GAP)
GAP coverage is typically extended to the person who purchases a new
car for a limited number of days, allowing the buyer some time to
change the insurance policy to reflect the needs of the new car.
Sometimes, GAP coverage will be provided as part of a negotiated
contract.
Guarantor
The guarantor is the person who promises to pay off a loan. In some
cases, there may be multiple guarantors though one is typically
considered the co-signer and is called upon to pay only if the
guarantor cannot fulfill the terms of the loan. |
