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 ?
THE number of home repossessions last year was at the lowest level since 2006, the Council of Mortgage Lenders (CML) has reported.
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.
The body, whose members include banks and building societies, has said it does not expect to see a significant change in the outlook for mortgage arrears and repossessions over the next two years.
The Housing Repossessions Taskforce for Northern Ireland has held its first meeting in Belfast.
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.
United Left Alliance TD Joan Collins criticised the move saying proposals to tackle mortgage arrears promised repossessions would be a last resort.
A test case is being taken to the Financial Ombudsman Service by a Glasgow homeowner who was billed PS10,000 in legal expenses for a failed repossession case.
The CML said the lower repossession rates among owner-occupiers reflects the "significant" forbearance being shown by lenders, who are trying to keep people in their own homes.
Campbell Robb, chief executive of Shelter, said: "This research paints a frightening picture of repossession hotspots in the North East.