The single biggest thing that will effect lateral G in GT4 would be the tyres fitted to the car.
Its not the only factor, but it is a major one. The racing tyres offer grip levels far higher than IRL as a result the peak lateral G that is shown is very high.
Colorado S14 is quite right that the cars weight, centre of gravity and polar moment of inertia will all play a part, but the biggest factor at play in GT (and by that I mean all the games) are the tyres.
The following may help out
http://www.miata.net/sport/Physics/07-Circle.html
http://www.miata.net/sport/Physics/13-Transients.html
The level of mechanical grip offered by tyres is one of the reasons why I dislike the reliance some people place on skidpan results. Its a very big mistake to equate skidpan figures with a cars ability to handle; the lateral G figures offer by skidpan testing will allow you to figure the level of absolute grip that the cars tyres offer. Not its ability to handle.
For example here a few examples of 200-ft skidpan figures
Ford GT - 0.99g
Z06 - 0.94g
Mustang Mach 1 '03 - 0.83g
Z4 - 0.92g
Boxter - 0.91g
Enzo - 1.01g
Saleen S7 - 0.99g
RX-8 - 0.88g
Crossfire - 0.89g
Pontiac GTO - 0.81g
As you can see not a huge difference in the figures and in no way an indication of how well the cars will handle, particularly when in comes to knowing when you are going to exceed maximum grip or how the car will react when you need to change direction quickly, for example traveling through a chicane. You should also be aware that a cars skidpan figures are not compariable with the max lateral G a car can pull in a corner, the surfaces are very different in term of grip levels.
Just to give you an idea of how high real world lateral G figures can get, when the Radical SR3T set a time of 7mins 18secs on the Nurburgring, its telemetary showed a peak lateral G of 2.10 at 122mph through the Schwedenkreuz corner, and this was on Dunlop Formula R road tyres!