Repossession
Repossession is generally used to refer to a financial institution taking back an object that was either used as collateral or rented or leased in a transaction. This work is generally sub-contracted out to a so called repo man. Repossession is often used against vehicles, as they are more portable and the legal limitations are fewer. Repossession is a complicated and legally fraught matter, with legality being determined by widely varying local and state laws.
External links
- USA FTC Facts for Consumers on Vehicle Repossession
- New Zealand Consumer aid in dealing with Repossession
- FAQ Farm Car Repossession FAQ: question and answer wiki
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