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 ?
This system facilitates the management of a nationwide network of licensed and bonded repossession agents who are continuously evaluated on their performance.
Our network of repossession agents is expecting this unique solution to help them deliver improved services to their customers and will allow them to enhance their relationships.
During this past year, PAR North America has experienced double-digit growth, while establishing a national network of repossession agents, solidifying its expedited title processing services and starting a Canadian import business.