The taking back of property by a lender or seller from the borrower or buyer, usually due to default.

Use repossession in a sentence

They were 3 months behind on their payments the bank had the right to start the repossession process after 1 month.

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If you can't afford to keep paying for your house, you better expect a repossession sometime soon and you can't live there anymore.

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The dealership has been threatening repossession if I don't start making adequate payments towards my car loan in the next two months.

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