repossession Definition
the act of taking back property that was bought with borrowed money because the money was not being paid back according to the agreement.
Using repossession: Examples
Take a moment to familiarize yourself with how "repossession" can be used in various situations through the following examples!
Example
The bank threatened repossession of his car if he didn't make the payments.
Example
The repossession of the house was a traumatic experience for the family.
Example
The company had to resort to repossession of the equipment after several attempts to collect payment.
repossession Synonyms and Antonyms
Synonyms for repossession
Phrases with repossession
the act of returning a purchased item to the lender without the lender having to take legal action to recover it
Example
He opted for voluntary repossession of the car to avoid further damage to his credit score.
a legal document that allows a lender to take possession of a property or asset that was used as collateral for a loan
Example
The bank obtained a repossession order for the house after the borrower defaulted on the mortgage payments.
a person or company hired by a lender to recover property that has been repossessed
Example
The repossession agent arrived at the property to take possession of the vehicle.
Summary: repossession in Brief
Repossession [ˌriːpəˈzeʃn] refers to the act of taking back property that was bought with borrowed money because the money was not being paid back according to the agreement. It can be a traumatic experience for the borrower and often involves legal action. Phrases like 'voluntary repossession' and 'repossession order' are commonly used in this context.
