What does repossession mean?

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WalletHub, Financial Company

@WalletHub • 07/09/20

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When a creditor takes possession of property that is in default of payments.

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Repossession most often refers to automobiles, when the owner is significantly behind on the payment schedule.

This answer was first published on 07/09/20. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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What does repossession mean?

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