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Repossession: meaning, definitions and examples

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repossession

 

[ˌriːpəˈzɛʃ(ə)n ]

Definitions

Context #1 | Noun

legal

The action or process of taking back possession of something, in particular when a buyer defaults on payments.

Synonyms

reacquisition, reclaiming, seizure.

Which Synonym Should You Choose?

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Word Description / Examples
repossession

Best used in legal and financial contexts when a lender takes back property due to defaulted payments.

  • The bank initiated the repossession of the house after several missed mortgage payments.
  • Car repossession rates have risen as the economy struggles.
reclaiming

Commonly used in general or environmental contexts to describe recovering something or taking back possession, often with a sense of effort or right.

  • She focused on reclaiming her health through regular exercise and a balanced diet.
  • The community worked hard in reclaiming the abandoned park.
seizure

Often used in legal or law enforcement contexts to describe the act of taking possession forcibly or by legal right, usually carries negative connotations.

  • The police executed a seizure of illegal drugs at the warehouse.
  • The seizure of assets by the government was part of the investigation.
reacquisition

Appropriate in formal contexts to describe the act of gaining possession or control again, often used in business or historical contexts.

  • The company celebrated the reacquisition of their previous headquarters.
  • The town’s reacquisition of the land was crucial for the public park project.

Examples of usage

  • The repossession of the car was necessary after the buyer failed to make payments on time.
  • The bank initiated repossession procedures after the borrower defaulted on the loan.
Context #2 | Noun

finance

The act of regaining possession of something, especially in the context of recovering assets from a borrower who has defaulted on a loan.

Synonyms

recapture, recovery, retaking.

Which Synonym Should You Choose?

arrow down
Word Description / Examples
repossession

This term is mainly used in financial and legal contexts when a lender takes back an item, typically property or a vehicle, due to non-payment by the borrower. It has a somewhat formal and potentially negative connotation.

  • The bank initiated the repossession of the car after the payments were missed.
  • He faced repossession of his house due to his inability to pay the mortgage.
recovery

This word is versatile and commonly used to describe regaining health, restoring a situation to a normal state, or getting back something that was lost or stolen. It has a positive connotation.

  • Her recovery from the illness took several weeks.
  • The company worked hard for the recovery of its lost data.
retaking

This term is almost exclusively used in contexts involving capturing something again, often through active and possibly aggressive means. It can apply to exam situations or military actions but usually suggests doing something over or regaining something through effort.

  • After failing the test, he was determined to succeed on the retaking.
  • The soldiers planned a strategy for the retaking of the fort.
recapture

This term is commonly used in military or strategic contexts when trying to get back something that was lost. It can also appear in contexts of re-experiencing something, like a feeling or moment, but mainly conveys a sense of struggle or effort to regain control.

  • The army aimed to recapture the territory from the invaders.
  • She tried to recapture the joy from her childhood vacations.

Examples of usage

  • The repossession of the house was a last resort for the bank to recover the unpaid debt.
  • The lender was forced to proceed with repossession due to the borrower's failure to meet the payment obligations.

Interesting Facts

Etymology

  • The word 'repossession' comes from the prefix 're-' meaning again and 'possession' which means to own something.
  • It emerged in the English language in the mid-20th century as financial transactions involving loans became more common.

Legal Aspects

  • Repo laws vary by country, with some regions requiring a court order before repossession can occur.
  • In the U.S., lenders can possess items like cars quickly if buyers fall behind on payments, often without prior notice.

Cultural References

  • Depictions of repossession can be found in movies, often illustrating the tension between debt and personal belongings.
  • Reality TV has shown repo agents in action, turning something serious into entertainment, which raises awareness but also sensationalizes the issue.

Economic Impact

  • Systemic repossession during economic downturns can lead to higher rates of homelessness and financial insecurity.
  • The 2008 financial crisis saw a massive increase in home repossessions, highlighting its severe economic ramifications.

Psychological Effects

  • The threat of repossession can cause significant stress and anxiety for individuals struggling to meet financial obligations.
  • Research in behavioral finance indicates that fear of losing possessions can lead to poor financial decision-making in individuals.

Translations

Translations of the word "repossession" in other languages:

🇵🇹 reapossessão

🇮🇳 पुनः प्राप्ति

🇩🇪 Rücknahme

🇮🇩 penyitaan kembali

🇺🇦 повернення власності

🇵🇱 przejęcie

🇯🇵 差し押さえ

🇫🇷 reprise de possession

🇪🇸 recuperación

🇹🇷 yeniden sahiplenme

🇰🇷 재소유

🇸🇦 استرجاع

🇨🇿 znovuzískání

🇸🇰 opätovné získanie

🇨🇳 重新占有

🇸🇮 ponovno posedovanje

🇮🇸 endurheimt

🇰🇿 қалпына келтіру

🇬🇪 ხელახლა მფლობელობა

🇦🇿 yenidən sahiblik

🇲🇽 recuperación

Word Frequency Rank

At rank #27,892, this word represents specialized academic or technical vocabulary. It's less frequently encountered but may be valuable in specific contexts.