repossession
- The taking back of property by a creditor when the borrower fails to keep up loan payments, typically involving vehicles, and often resulting in negative credit report impacts and additional financial obligations
- After months of missed payments, the bank initiated a repossession of his car.
- The repossession of her vehicle left a negative mark on her credit report for seven years.
- Owing to financial difficulties, he faced repossession of his boat by the lending institution.
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