repossession
Taking it back
Repossession is the act of taking back property when a buyer fails to make payments.
Banks repossess cars, houses, and other financed goods when loans go into default: The repo man came for the truck at dawn.
The shortened form repo is common in casual speech.
To repossess can also mean simply to possess again, though the legal/financial sense dominates.
Claim securing debt
- judgmentReasoned decision-making capacity
- writCourt-issued directive
- replevinAction recovering wrongfully-held goods
- courtTrial venue or sports surface
enforcement · litigation · plaintiff · defendant · debtor · summons · distraint · attachment
Seizure by authority
- impoundmentOfficial seizure or detention
- forfeitureLoss due to breach
- towingPulling another vehicle along
- bailiffLegal proceeding overseer
sheriff · marshal · repo man · tow truck · asset recovery · lockout · immobilizer · skip tracing
Preset standard option
- delinquencyCriminal or neglectful behavior
- arrearsOverdue financial obligations
- overduePast expected arrival
- loanBorrowed money repaid later
borrower · creditor · lender · collateral · mortgage · payment · interest · finance
Means of transport
- automobileSelf-propelled passenger conveyance
- carWheeled motor vehicle
- truckHeavy freight vehicle
- motorcyclePowered two-wheeler
boat · furniture · appliance · equipment · real estate · home · mobile home · RV
Competitive public sale
- resaleSecond sale
- credit damageHarm to borrowing reputation
- credit scoreNumerical measure of borrower reliability
- reinstatementReturn to previous position
redemption · buyback · bidding · wholesale · loss · depreciation · shortage · recovery
lien
Claim securing debt
- judgmentReasoned decision-making capacity
- writCourt-issued directive
- replevinAction recovering wrongfully-held goods
court · enforcement · litigation · plaintiff · defendant · debtor · summons · distraint · attachment · levy
confiscation
Seizure by authority
- impoundmentOfficial seizure or detention
- forfeitureLoss due to breach
- towingPulling another vehicle along
bailiff · sheriff · marshal · repo man · tow truck · asset recovery · lockout · immobilizer · skip tracing · breach of peace
default
Preset standard option
- delinquencyCriminal or neglectful behavior
- arrearsOverdue financial obligations
- overduePast expected arrival
loan · borrower · creditor · lender · collateral · mortgage · payment · interest · finance · indebtedness
vehicle
Means of transport
- automobileSelf-propelled passenger conveyance
- carWheeled motor vehicle
- truckHeavy freight vehicle
motorcycle · boat · furniture · appliance · equipment · real estate · home · mobile home · RV · aircraft
auction
Competitive public sale
- resaleSecond sale
- credit damageHarm to borrowing reputation
- credit scoreNumerical measure of borrower reliability
reinstatement · redemption · buyback · bidding · wholesale · loss · depreciation · shortage · recovery · repurchase
- debtdebt, creditor, owe, debtor, lender
- money mistakesoverspending, impulse buying, gambling debt, debt spiral, no savings
- mortgagesfixed-rate mortgage, mortgage broker, adjustable-rate mortgage, mortgage payment, mortgage insurance
- UK Propertyfreehold, leasehold, estate agent, council house, terraced house
- Depression EraGreat Depression, Hooverville, breadline, dust storms, soup kitchen
- legal enforcementarrest, arrest warrant, bench warrant, court order, garnishment
repossessionpurchase
Goods obtained for payment
acquisition · buying · obtaining · procurement · financing
repossessionvoluntary surrender
Freely chosen submission
relinquishment · abandonment · giving up · forfeiture · ceding
- repossession agentRecovers defaulted collateral