To possess again; as, to repossess the land.
To take possession of, for failure of the possessor to make payments owed for purchase of; -- used of real estate subject to mortgage payments and of other objects purchased on a time-payment plan, which may be taken back (repossessed) by the original vendor if the payments are not made on time.
When a lender takes possession of an automobile due to failure to pay or for defaulting on the loan.
When a lien hold takes possession of a property which has been financed. Automobiles are usually repossessed because the customer has went into default of the contract.
regain possession of something
In the event of nonpayment of your credit obligation, a creditor’s legal right to take the asset you have pledged as collateral and sell it to pay off the credit obligation.
to take back property when a loan is in default.
To regain possession of Where a hire purchase or hire agreement is not regulated by the Hire Purchase Act 1965 or Consumer Credit Act 1974, the owner (i.e. the creditor) may be able to recover possession of the goods on a breach of the agreement by the debtor. Where the agreement is regulated by the two Acts, the owner's right to repossess is severely restricted. Once one third of the price of the goods has been paid, the owner must obtain a court order to get the goods back, unless the debtor consents to the repossession. Even if one third of the price has not been paid, it is not possible without an order of the court for a creditor to go on to a debtor's premises to recover goods which are the subject of an agreement regulated under the Consumer Credit Act 1974, unless the debtor gives his consent at the time.
to take possession again of a property or goods after non-payment of money owed. This might follow a court order.
The taking of a property, by the lender, once the buyer fails to make mortgage payments.
To take back property. A lender holding a mortgage may repossess a property if the buyer fails to make payments.