Repossession


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Repossession

The taking back of an item that has been sold on credit and delivered to the purchaser because the payments have not been made on it.

For example, if an individual fails to render prompt payments on a new car, the car might be subject to repossession by the finance company, which has extended the credit.

See: redemption, replevin, salvage
References in periodicals archive ?
It requires a court to review and approve any repossession if the servicemember took out the loan and made a payment before entering military service.
THE number of home repossessions last year was at the lowest level since 2006, the Council of Mortgage Lenders (CML) has reported.
UK trade association for the mortgage lending industry, the Council of Mortgage Lenders (CML), revealed on Thursday that mortgage arrears and repossessions across all categories continue to decline in the UK, according to CML's latest figures for the third quarter of 2014.
The figures amount to one in 65 rented or mortgaged households at risk of repossession or eviction in Coventry during the past 12 months.
847 number of repossession cases decided by courts in first half of 2008 50% drop in house prices in Northern Ireland in wake of recession
It really is not too hard to predict whether repossessions will increase," said Dave Langley, vice president of operations at AFG.
Much of what I had read and heard about the CFPB's so-called regulation of the repossession agency are either made up or exaggerated.
While repossessions ticked up slightly in the first three months of the year to 8,000 from 7,700 in the previous quarter, it was the secondlowest quarterly figure since the winter of 2007.
13) Though the breach-of-the-peace inquiry implicates several considerations, the essential question that often underlies courts' decisions regarding breach of the peace in this context is whether the repossession created an unreasonable risk of violence.
United Left Alliance TD Joan Collins criticised the move saying proposals to tackle mortgage arrears promised repossessions would be a last resort.
Lawyers acting for lenders have launched a compensation campaign following recent legal rulings in favour of customers in repossession actions.
A spokesman for the CML said the body is likely to make a revised repossession forecast next month and, given the latest figures, the CML now expects the total for 2012 to come in below its original estimate.