Repossession

What is repossession?

Repossession Definition: Repossession occurs when a consumer or borrower doesn’t make payments towards a loan, such as a car, and that asset is repossessed as a result. The asset that the borrower can no longer afford is returned to the lender, and in most cases, no court order is required.

When repossession happens, it can have a negative impact on a person’s credit rating, including future opportunities to borrow another loan for a mortgage, car, or personal credit card.

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