verb to take back possession of something, especially when the owner has failed to make payments
In real estate, 'repossess' is relevant when a lender takes back a property from a homeowner who has defaulted on their mortgage payments.
In the finance industry, 'repossess' is used to describe the action of taking back possession of an item, typically a vehicle or property, due to non-payment by the borrower.
In legal contexts, 'repossess' is used to refer to the lawful process of reclaiming possession of an asset in accordance with the terms of a contract or agreement.
Within the auto industry, 'repossess' is commonly used when a car dealership or lender takes back a vehicle from a customer who has failed to make their loan payments.
In the legal field, a writer may use the term 'repossess' when discussing cases involving the repossession of property.
A psychologist may use the term 'repossess' when working with clients who are dealing with the emotional impact of having their possessions repossessed.
A real estate agent may use the term 'repossess' when discussing the process of repossessing a property due to non-payment of a mortgage.
A banker may use the term 'repossess' when referring to the action of taking back a property or asset that was used as collateral for a loan.
A debt collector may use the term 'repossess' when discussing the process of taking back goods or property from a debtor who has failed to make payments.
An auto lender may use the term 'repossess' when referring to the act of taking back a vehicle from a borrower who has defaulted on their loan payments.