repossession
nounUK /ˌriː.pəˈzeʃ.ən/
US /ˌriː.pəˈzeʃ.ən/
Repossession is when someone takes back something you borrowed money to buy because you did not pay.
After three missed payments, the bank began the repossession of their car.
RELATED WORDS
OTHER MEANINGS
2. The act of getting something back that was lost or taken away.
The repossession of the stolen painting made the museum very happy.
3. The state of having property taken back by a lender.
The family faced repossession of their home after the loan went unpaid.
4. In law, the retaking of goods by the original owner or seller.
The contract allowed repossession if the buyer defaulted.