Meaning of the word repossess in English

What does repossess mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

repossess

US /ˌriː.pəˈzes/
UK /ˌriː.pəˈzes/

Verb

to take back property from a buyer who has failed to make payments

Example:
The bank threatened to repossess his car if he missed another payment.
Many homes were repossessed during the economic crisis.