The repo industry is involved in the business of repossession. n. - The act or the state of possessing again. iasLog("criterion : cdo_dc = english"); { bidder: 'ix', params: { siteId: '555365', size: [120, 600] }}, pbjsCfg.consentManagement = { type: "cookie", A repurchase agreement (repo) is a form of short-term borrowing for dealers in government securities. Contains Parliamentary information licensed under the. 2021-2021 Repossession Facts (United States Data) 2.2 million vehicles are repossessed every year (2021updated data) 5,418 repossessions every day 226 car repossessions each hour 3.76 repossessions a minute With yearly repossession rates at 65% compared to yearly new car sales. prepossession ; repossessions ; Other words with the same letter pairs. addPrebidAdUnits(pbAdUnits); if(!isPlusPopupShown()) 0 && stateHdr.searchDesk ? The consumer can be ordered to turn the product over because of the lien. { bidder: 'appnexus', params: { placementId: '19042093' }}, Learn more. Nickname: The Constitution State. } { bidder: 'openx', params: { unit: '539971063', delDomain: 'idm-d.openx.net' }}, Repossession may be by court order, or it may be self-help, as when the automobile repo person takes a car in the dead of night. ‘The total of Montreal-area landlord repossessions rose from 561 to 622 in one year.’ ‘The repossession stays on your report for seven years.’ ‘He asks why he should be made to pay for the incompetence of the bureaucrat that bungled the repossession.’ ‘The good news is that repossessions hit a record low in 2004.’ pid: '94' { bidder: 'appnexus', params: { placementId: '11654157' }}, Repossession, colloquially repo, is a "self-help" type of action - mainly in the U.S. - in which the party having right of ownership of the property in question takes the property back from the party having right of possession without invoking court proceedings. Many things can constitute a default, but the most common reasons are not making timely loan payments or not having car insurance. Replevin is also referred to as “claim and delivery.” In most cases, when a person is wronged insofar as suffering the loss of property, he will seek money damages as compensation. iframe: { { bidder: 'ix', params: { siteId: '195466', size: [728, 90] }}, 'increment': 0.5, { bidder: 'appnexus', params: { placementId: '11654208' }}, "authorization": "https://dictionary.cambridge.org/auth/info?rid=READER_ID&url=CANONICAL_URL&ref=DOCUMENT_REFERRER&type=&v1=&v2=&v3=&v4=english&_=RANDOM", } Capital City: Hartford. { bidder: 'pubmatic', params: { publisherId: '158679', adSlot: 'cdo_rightslot' }}]}, }, { bidder: 'criteo', params: { networkId: 7100, publisherSubId: 'cdo_rightslot2' }}, dfpSlots['topslot_a'] = googletag.defineSlot('/23202586/cdo_topslot', [], 'ad_topslot_a').defineSizeMapping(mapping_topslot_a).setTargeting('sri', '0').setTargeting('vp', 'top').setTargeting('hp', 'center').addService(googletag.pubads()); bids: [{ bidder: 'rubicon', params: { accountId: '17282', siteId: '162036', zoneId: '1666926', position: 'btf' }}, { bidder: 'openx', params: { unit: '539971065', delDomain: 'idm-d.openx.net' }}, filter: 'include' {code: 'ad_btmslot_a', pubstack: { adUnitName: 'cdo_btmslot', adUnitPath: '/23202586/cdo_btmslot' }, mediaTypes: { banner: { sizes: [[300, 250], [320, 50], [300, 50]] } }, iasLog("criterion : cdo_ptl = entry-lcp"); }); We realise that repossessions are now increasing simply because the breadwinner is out of work. { bidder: 'openx', params: { unit: '539971066', delDomain: 'idm-d.openx.net' }}, { bidder: 'appnexus', params: { placementId: '11653860' }}, googletag.enableServices(); { bidder: 'sovrn', params: { tagid: '346698' }}, defaultGdprScope: true, { bidder: 'sovrn', params: { tagid: '346698' }}, These are words formed by appending one letter to repossession. https://legal-dictionary.thefreedictionary.com/Repossession, Consolidated Asset Recovery Systems provides technology and services to finance companies, forwarders and, The figures amount to one in 65 rented or mortgaged households at risk of, "It really is not too hard to predict whether, "Much of what I had read and heard about the CFPB's so-called regulation of the, Despite its importance as the sole statutory limitation on self-help, The development comes just days after Finance Minister Michael Noonan and the Central Bank announced new measures to deal with the mortgage arrears crisis, in which it was promised home, Lawyers acting for lenders have launched a compensation campaign following recent legal rulings in favour of customers in, Dictionary, Encyclopedia and Thesaurus - The Free Dictionary, the webmaster's page for free fun content, Primeritus Financial Services Acquires Consolidated Asset Recovery Systems, CYPRUS: New repossessions law hits a legal brick wall, Repossessions fall as low rate cushions households, 4 HOMES RISK 4AT EVERYDAY EVERYDAY; City families face repossession and eviction Families face losing homes, Deflating a vehicle repo bubble before it rises, Video Busts Repossession Industry Compliance Myths, Law-enforcement officers and self-help repossession: a state-action approach, Reply Brief for Appellants in Nos. iasLog("exclusion label : lcp"); Repossess definition, to possess again; regain possession of, especially for nonpayment of money due. { bidder: 'pubmatic', params: { publisherId: '158679', adSlot: 'cdo_rightslot2' }}]}]; { bidder: 'ix', params: { siteId: '194852', size: [300, 250] }}, ga('send', 'pageview'); You can also find related words, phrases, and synonyms in the topics: Improve your vocabulary with English Vocabulary in Use from Cambridge.Learn the words you need to communicate with confidence. { bidder: 'pubmatic', params: { publisherId: '158679', adSlot: 'cdo_leftslot' }}]}, { bidder: 'triplelift', params: { inventoryCode: 'Cambridge_MidArticle' }}, { bidder: 'openx', params: { unit: '541042770', delDomain: 'idm-d.openx.net' }}, {code: 'ad_rightslot2', pubstack: { adUnitName: 'cdo_rightslot2', adUnitPath: '/23202586/cdo_rightslot2' }, mediaTypes: { banner: { sizes: [[300, 250], [120, 600], [160, 600]] } }, },{ if(!isPlusPopupShown()) { bidder: 'ix', params: { siteId: '195451', size: [300, 250] }}, 'cap': true bids: [{ bidder: 'rubicon', params: { accountId: '17282', siteId: '162036', zoneId: '776140', position: 'atf' }}, { bidder: 'sovrn', params: { tagid: '446382' }}, Click on the arrows to change the translation direction. { bidder: 'triplelift', params: { inventoryCode: 'Cambridge_MidArticle' }}, var pbAdUnits = getPrebidSlots(curResolution); Under the laws of most states, after the vehicle is repossessed, the lender is only required to keep it … { bidder: 'appnexus', params: { placementId: '11654208' }}, Information and translations of repossession in the most comprehensive dictionary definitions resource on the web. dfpSlots['rightslot'] = googletag.defineSlot('/23202586/cdo_rightslot', [[300, 250]], 'ad_rightslot').defineSizeMapping(mapping_rightslot).setTargeting('sri', '0').setTargeting('vp', 'mid').setTargeting('hp', 'right').addService(googletag.pubads()); var mapping_topslot_b = googletag.sizeMapping().addSize([746, 0], [[728, 90]]).addSize([0, 0], []).build(); if(refreshConfig.enabled == true) } else { The actions of a lender to take possession of personal property in which it has a security interest, or the actions of a landlord to take possession of leased premises after default. googletag.pubads().disableInitialLoad(); { bidder: 'ix', params: { siteId: '555365', size: [300, 250] }}, Meanings of repossession. { bidder: 'ix', params: { siteId: '555365', size: [300, 250] }}, }, } 'pa pdd chac-sb tc-bd bw hbr-20 hbss lpt-25' : 'hdn'">, Example from the Hansard archive. "sign-in": "https://dictionary.cambridge.org/auth/signin?rid=READER_ID", Repossession The taking back of an item that has been sold on credit and delivered to the purchaser because the payments have not been made on it. { bidder: 'openx', params: { unit: '539971080', delDomain: 'idm-d.openx.net' }}, { bidder: 'criteo', params: { networkId: 7100, publisherSubId: 'cdo_rightslot' }}, type: "html5", 'max': 30, googletag.pubads().setTargeting("cdo_tc", "resp"); {code: 'ad_leftslot', pubstack: { adUnitName: 'cdo_leftslot', adUnitPath: '/23202586/cdo_leftslot' }, mediaTypes: { banner: { sizes: [[120, 600], [160, 600], [300, 600]] } }, name: "unifiedId", iasLog("OT mode", "CCPA"); { bidder: 'pubmatic', params: { publisherId: '158679', adSlot: 'cdo_rightslot2' }}]}]; }, tcData.listenerId); { bidder: 'triplelift', params: { inventoryCode: 'Cambridge_Billboard' }}, { bidder: 'sovrn', params: { tagid: '387233' }}, } var googletag = googletag || {}; googletag.cmd = googletag.cmd || []; { bidder: 'triplelift', params: { inventoryCode: 'Cambridge_SR' }}, }, bids: [{ bidder: 'rubicon', params: { accountId: '17282', siteId: '162050', zoneId: '776336', position: 'btf' }}, where goods or chattels such as automobiles are purchased on conditional sales contract , the term denotes the act of repossession where the purchaser commits default in payment of installments. There has been, for example, a massive growth in repossessions since 1979. { bidder: 'ix', params: { siteId: '195466', size: [728, 90] }}, This information should not be considered complete, up to date, and is not intended to be used in place of a visit, consultation, or advice of a legal, medical, or any other professional. { bidder: 'appnexus', params: { placementId: '11654149' }}, Add repossession to one of your lists below, or create a new one. {code: 'ad_topslot_b', pubstack: { adUnitName: 'cdo_topslot', adUnitPath: '/23202586/cdo_topslot' }, mediaTypes: { banner: { sizes: [[728, 90]] } }, window.__tcfapi('addEventListener', 2, function(tcData, success) { (noun) "error": true, 'min': 3.05, 'min': 8.50, { bidder: 'triplelift', params: { inventoryCode: 'Cambridge_SR' }}, What that means is if you pay the entire outstanding balance due on the car loan, you can get the car back. {code: 'ad_rightslot2', pubstack: { adUnitName: 'cdo_rightslot2', adUnitPath: '/23202586/cdo_rightslot2' }, mediaTypes: { banner: { sizes: [[300, 250], [120, 600], [160, 600]] } }, 'increment': 0.01, { bidder: 'sovrn', params: { tagid: '446381' }}, { bidder: 'ix', params: { siteId: '195451', size: [300, 50] }}, Repossession is a process wherein a creditor takes possession of specific property after the debtor defaults on a contract. Repo stands for ‘repurchase option’ or ‘repurchase agreement’. As a result, home ownership is no longer a secure domain and even the middle classes are now at risk of unemployment and, The first person gets the car by repossessing it when the owner stops making payments (and the sale contract allowed for, They had their sleep disturbed when the bailiffs took. expires: 365 { bidder: 'triplelift', params: { inventoryCode: 'Cambridge_HDX' }}, {code: 'ad_topslot_a', pubstack: { adUnitName: 'cdo_topslot', adUnitPath: '/23202586/cdo_topslot' }, mediaTypes: { banner: { sizes: [[300, 250]] } }, var mapping_rightslot2 = googletag.sizeMapping().addSize([746, 0], [[300, 250], [120, 600], [160, 600]]).addSize([0, 0], []).build(); { bidder: 'pubmatic', params: { publisherId: '158679', adSlot: 'cdo_topslot' }}]}, Contract terms and state laws vary, so they should be consulted to determine applicable rules governing a particular situation. name: "criteo" There was a significant and very welcome reduction in the number of.

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