1. the act of taking back property, especially when payments have not been made
Usage: legal; finance

Examples

• The bank threatened repossession of their house after three missed mortgage payments.
• Car repossession occurs when borrowers default on their auto loans.
• The family lost their home to repossession during the financial crisis.
• He worked extra hours to avoid repossession of his truck.
• The repossession notice gave them thirty days to catch up on payments.
• Many people faced repossession of their belongings during the recession.