Definition, Meaning & Synonyms
repossession
noun
/ˌriːpəˈzɛʃən/
Definition
The act of taking back property or goods by a lender or seller from the borrower or buyer, typically due to non-payment of debts.
Examples
- After defaulting on her car loan, she faced car repossession.
- The bank initiated repossession of the property after the homeowner missed several payments.
- Repossession can severely impact one’s credit score.
Meaning
Repossession occurs when a lender gains back ownership of an asset, such as a car or house, when the borrower fails to meet the payment terms.
Synonyms
- Repurchase
- Seizure
- Retaking
