Dictionary

repossess

verb re·pos·sess \ˌrē-pə-ˈzes also -ˈses\

: to take (something) back from a buyer because payments are not being made

Full Definition of REPOSSESS

transitive verb
1
a :  to regain possession of
b :  to take possession of (something bought) from a buyer in default of the payment of installments due
2
:  to restore to possession
re·pos·ses·sion \-ˈze-shən also -ˈse-\ noun
re·pos·sess·or \-ˈze-sər also -ˈse-\ noun
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First Known Use of REPOSSESS

15th century

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