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repossession |
Also found in: Dictionary/thesaurus, Financial, Wikipedia | 0.02 sec. |
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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 also: redemption, replevin, salvage How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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