Definition - What does Repossess mean?
To repossess is to reclaim a piece of property. Repossessions occurs when a person fails to make payments on something they have bought and the seller takes back the property. It can also occur if a person has leveraged a piece of property as collateral for a loan, and they fail to repay the loan on time.
Justipedia explains Repossess
Items such as cars, boats, or furniture (and other items) can get repossessed if the owner fails to make payments to the seller on time. There are various laws regarding how a piece of property can be repossessed. Creditors or vendors often contract people to do the repossession work for them. Once an item is repossessed, ownership transfers back to the vendor or creditor. The vendor or creditor can then resell the repossessed item. Repossessed cars are frequently sold a car auctions.
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