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  2. Dictionary

    re·pos·ses·sion
    [ˌrēpəˈzeSHən]
    noun
    repossession (noun) · repossessions (plural noun)
    1. the action of retaking possession of something, in particular when a buyer defaults on payments:
      "families had been threatened with repossession or eviction" · "a rise in home repossessions among young people"
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  3. People also ask
    What does repossession mean?Repossession is the act by a creditor, or an agent hired by a creditor, to take possession of a debtor’s property that has been put up as a security interest or collateral. This happens when the debtor has defaulted on the debt and has failed to pay the creditor.
    What is considered a repossessed property?Repossession occurs when your lender seizes this asset because you defaulted on what you owe. Cars are the most commonly repossessed assets. However, any property tied to a loan or line of credit can be repossessed. This includes: boats, motorcycles and other vehicles, furniture, jewelry and electronics. How does repossession work?
    What is the right of repossession?The right of repossession is created by contract and can exist in many different types of transactions. Note, creditors are allowed to repossess property in many circumstances because they are “secured creditors,” meaning the lenders have an ownership interest in the borrower's property. These are typically car loans or home mortgages.
    What is wrongful repossession?Additionally, wrongful repossession occurs when the repossession is accompanied by an unjust act. This means that the creditor or agent taking possession of the debtor’s property has violated a legal duty to the debtor.
     
  4. Taking back property or goods
    Repossession refers to the act of taking back property or goods12345. It typically occurs when a borrower fails to keep up with loan payments, and the creditor exercises their right to reclaim the property.
    Learn more:
    repossession noun [ C or U ] uk / ˌriː.pəˈzeʃ. ə n / us / ˌriː.pəˈzeʃ. ə n / (informal repo) Add to word list Add to word list the act of taking something back, or the thing that is taken back:
    dictionary.cambridge.org/dictionary/english/reposs…
    Repossession, colloquially repo, is a "self-help" type of action in which the party having right of ownership of a property takes the property in question back from the party having right of possession without invoking court proceedings.
    en.wikipedia.org/wiki/Repossession
    : to take possession of (something bought) from a buyer in default of the payment of installments due 2 : to restore to possession
    www.merriam-webster.com/dictionary/repossession
    Definition of "repossession" The taking back of property by a creditor when the borrower fails to keep up loan payments, typically involving vehicles, and often resulting in negative credit report impacts and additional financial obligations
    dictionary.justia.com/repossession
    Definition of repossession noun from the Oxford Advanced Learner's Dictionary repossession noun /ˌriːpəˈzeʃn/ /ˌriːpəˈzeʃn/ [uncountable, countable] the act of repossessing property, goods, etc.
    www.oxfordlearnersdictionaries.com/definition/engli…
     
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