Repossession is a derivative of a purchase deal or a credit deal, where the borrower/consumer agrees to abide the contract that the lender/creditor may repossess the property (or object) if the contract period gets extended beyond the grace period.
Some fines are imposed if contract period ends after which the property in possession can be repossessed by the lender. If the party fails to dispose the property as per the deal, the lender may call in the repossession agent who may repossess many things who mainly concentrates on auto repossession. The court may also intervene when the lender is not liable to repossess the property.
