Loanfactz Definitions
Glossary of Legal Terms, Loan Terms and Home Construction, Repair and Maintenance Definitions. Some words have more than one meaning. Only those meanings relating to this site will be used.
All of R
Repossess
When a creditor or assignee (bank, finance company or credit union) takes possession of your vehicle after you * default on your loan or lease. For credit rating purposes it does not matter if the repossession was voluntary or involuntary.
Glossary For This Page
(In Alphabetical Order)
* Default
Failure to perform a legal obligation. A default includes failure to make the payments on a financial obligation, but may also be a failure to perform some action or service that is non monetary (not relating to money).
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