Definition of repossess in English:



[with object]
  • Retake possession of (something) when a buyer defaults on payments.

    ‘565 homes were repossessed for non-payment of mortgages’
    • ‘If payment is not forthcoming, the bank repossesses the asset.’
    • ‘When a lender forecloses and repossesses a piece of property for failure to make payments, what are the legal consequences for the borrower?’
    • ‘With a car loan, for example, the lender may demand payment instead of repossessing the car.’
    • ‘Five different credit card companies were suing him, his car was repossessed and the police arrived to arrest him because of his debts.’
    • ‘Car loans have been restricted by the lack of an effective procedure for recovering delinquent loans or repossessing vehicles from borrowers that default on repayments.’
    • ‘Former Mansa Batteries workers have supported Government plans to repossess the closed company and sell it to other investors.’
    • ‘The financier can repossess the vehicle if you fail to make payments, but you are free to sell it as long as you agree to pay the outstanding debt.’
    • ‘Figures from the UK government showed a rise in court actions to repossess homes, a further sign that rate rises were being felt.’
    • ‘If something prevents you from meeting your payments, your lender can repossess your home and sell it to pay off your debt.’
    • ‘According to the Red Cross, ‘We never repossess tents given to victims.’’
    • ‘If the loan fails the bank will not repossess the goods, they will just chase you for the cash.’
    • ‘In many states, the lender can repossess your car without as much as a telephone call or written notice if you fall behind on one monthly payment.’
    • ‘Others in the oil industry have said that oil companies often take a tough stance when trying to repossess their filling stations from licensees.’
    • ‘This also means that, in certain situations, the finance company can repossess the car if you break the contract.’
    • ‘They don't have to worry about resale values or market conditions - the legal ownership of the car remains with the finance company or lessor who may repossess the vehicle in the event of missed payments.’
    • ‘He said as soon as the go-ahead was given after the meeting, the council would proceed to repossess the idle plots.’
    • ‘Once you've arrived at a figure, you can try to work out a deal with the defaulting party before the property is repossessed.’
    • ‘The City Council's official's response was that standing regulations entitled the council to repossess undeveloped pieces of land after a stipulated time frame.’
    • ‘They got a court order to repossess the house and garage.’
    • ‘Remember, lenders don't want to bring homeowners to court or repossess their home.’
    retrieve, regain, regain possession of, get back, win back, take back, recoup, reclaim, recapture, retake, redeem
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