Repossession

/ˌriːpəˈzɛʃən/

Meaning & Definition

noun

The act of taking back property or goods by the lender or seller, typically due to the borrower's failure to make payments.

The repossession of the car was a result of missed payments over several months.

The condition of having one's property taken back by a lender.

After the repossession, she had to find alternative transportation to get to work.

The legal process through which a lender takes back an asset.

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.

Repo

The repo man showed up to take the car.

Hit the repo

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