rhizoverbBeta
DictionaryrepossessionTaking property back
noun

repossession

ree-puh-ZESH-un/ˌriːpəˈzeʃn/

The act of taking back property, especially when payments have not been made.

Missing several car payments puts your vehicle at risk of repossession.

Repossession: an intact car is taken from a private driveway while its financially strained owner removes his last personal belongings, with accumulated payment paperwork and an empty wallet reinforcing the financial context.
Etymology
reEnglishback, again
+possessionLatinseizing, possession

Adding re- to possession originally meant possessing something again. The selected financial sense narrows that idea to taking goods back after the buyer defaults on payments.

In context

KillDebt & ParkerGPT: The New Way To Law1:50
instead of knocking on somebody's door late at night and risking uh life and limb they do the repossession through a lawsuit
Defense to a Legal Repossession with a Killer Answer

More examples

  • She contacts the lender to arrange payments and avoid repossession.
  • The bank orders the repossession of the truck after repeated missed payments.
  • Vehicle repossessions increase as more borrowers fall behind on payments.

Forms

repossession · repossessions

repossess verb — Take back property, especially after missed payments.

Similar words

seizure
Seizure emphasizes taking property by force or legal authority.
foreclosure
Foreclosure specifically concerns enforcing a mortgage after loan default.