Meaning & Definition of word "Repossession"

Repossession

/ˌriːpəˈzɛʃən/

1. The act of taking back property or goods by the lender or seller, typically due to the borrower's failure to make payments.
- Example: The repossession of the car was a result of missed payments over several months.
2. The condition of having one's property taken back by a lender.
- Example: After the repossession, she had to find alternative transportation to get to work.
3. The legal process through which a lender takes back an asset.
- Example: The bank initiated repossession procedures after the homeowner defaulted on the mortgage.

From the prefix 're-' meaning 'again' and 'possession' from Latin 'possidere'.

repossession of property:

The act of reclaiming property due to unpaid debts.

repossession rights:

The legal rights held by a lender to reclaim property.

voluntary repossession:

When a debtor voluntarily returns the property to the lender.

collateral:

An asset pledged as security for a loan.

foreclosure:

The legal process by which an owner's rights to a property are terminated.

debt:

An obligation to pay money to another party.

Meaning: Repo

Example Sentence: The repo man showed up to take the car.

Meaning: Hit the repo

Example Sentence: If you can't pay, you might hit the repo soon.