What is repossession?
Movable asset repossession mostly includes withdrawing vehicles from a borrower who fails to make payments on a loan or misses other terms of the agreement and returning them to it's legal owner. It typically happens with secured loans, where the property serves as collateral. For example, if you miss car loan payments, the lender can repossess the vehicle. The process varies by jurisdiction but mostly involves the lender notifying the borrower before seizing the asset. Also, in most cases, lender gives borrower the option to return the asset willingly by themselves. Repossession compnay is involved only in case where borrower ignores or refuses the lenders claim to return the asset or pay the debt in full.