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- Repossession in economics refers to1234:
- A "self-help" action where the party with ownership rights takes back the property from the party with possession rights without court proceedings.
- Typically involves vehicles and can negatively impact credit reports.
- Collateral tied to a loan or line of credit can be repossessed.
Learn more:âś•This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.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. The property may then be sold by either the financial institution or third party sellers.en.wikipedia.org/wiki/RepossessionDefinition 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 obligationsdictionary.justia.com/repossessiona house that has been taken back by a bank because the owners cannot repay the loan that they took to buy it: When the house was sold as a repossession, it fetched just £45,000. (Definition of repossession from the Cambridge Business English Dictionary © Cambridge University Press)dictionary.cambridge.org/us/dictionary/english/repo…Some forms of credit require a physical or financial asset — known as collateral — to secure what you borrow. 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.www.equifax.com/personal/education/personal-fina… - People also ask
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