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.

References in periodicals archive ?
Consolidated Asset Recovery Systems provides technology and services to finance companies, forwarders and repossession agents that enhances repossession and remarketing performance.
Two repossession cases were put on ice with decrees issued by the Nicosia and Limassol District Courts ordering banks not to proceed with the requested repossessions.
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.
"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.
Despite its importance as the sole statutory limitation on self-help repossession, the UCC does not define "breach of the peace" or explain how one can avoid doing so during a repossession.
The development comes just days after Finance Minister Michael Noonan and the Central Bank announced new measures to deal with the mortgage arrears crisis, in which it was promised home 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.