verb
to take back possession of something, especially when the owner has failed to make payments
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The bank has the legal right to repossess the car if the loan is not repaid on time.
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If you don't make your payments, they can come and repossess your car.
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If you don't cough up the cash, they'll come and repo your ride.
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Failure to meet the deadline may result in the company's decision to repossess the project.