Glossary of Auto Loan Related Terms

Gas Guzzler Tax

A tax on vehicles that get poor gas mileage.

General Warranty Deed

A deed which conveys not only all the grantor's interests in and title to the property to the grantee, but also warrants that if the title is defective or has a "cloud" on it (such as mortgage claims, tax liens, title claims, judgments, or mechanic's liens against it) the grantee may hold the grantor liable.

Grace Period

The period of time after the due date that's allowed before a penalty is charged.

Grantee

That party in the deed who is the buyer or recipient.

Grantor

That party in the deed who is the seller or giver.

Gross Monthly Income

The total amount the borrower earns per month, before any expenses are deducted.

Guarantee

A promise by one party to pay a debt or perform an obligation contracted by another if the original party fails to pay or perform according to a contract.