What is Repossesion?

Repossession is a term used to describe when:

• An actual owner takes back from the borrower an object that was rented or leased, or was borrowed, either with or without compensation, or
• When a lienholder takes possession of an item from its registered owner that was used as collateral. The property may then be sold by either the financial institution or third party sellers.

What Can Be Repossessed?:

• Your home
• Your Car
• Rent-to-own items (This includes furniture, electronics, appliances, and anything else you rent with the option and intention of purchasing)

What Happens When Repossession Takes Place?:

• Auction takes place on your Vehicle, Home and Furniture.

The lender is not required to give prior notice. After repossessing your car, home and rent to own items, the lender will sell it to recover the money you owe. If there is a shortfall between your outstanding loan balance and the sale price, you may be held responsible for paying it, plus the creditor's repossession expenses.