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Automatically Graded Assignments
The essence of an Assignment is based on the faculty manually grading the student's work. Only Quizzes allow for automatic grading, when using certain question types. These question types could be multiple-choice, multiple answers, true/false, matching, and numeric answers.
There is an option to automatically apply a deduction for late submissions, but you would have to give all students a default grade for the total points for an assignment. That total grade would be entered after all students have uploaded their submission.
Please note that the Late Policies option is applied to all assessments in a course (quizzes, discussion forums, and assignments).