Repossession

What is it? A creditors taking property that has been pledged as collateral for a loan. Lenders will most often repossess cars when the owner has missed loan payments and has not attempted to work with the lender to resolve the problem. A repossessor cant use force to get at your car, but he can legally hot-wire it and even drive it out of your unlocked garage.

Added By: Juliana

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