Repossession of property is the process by which a creditor recovers possession of the property when the debtor defaults on the debt by failing to make the required installment payments on time. Repossession is often used by a creditor who has extended credit to a debtor for the purchase of personal property, such as a motor vehicle, boat, machinery, equipment, tools, artwork, jewelry, or rent-to-own furniture or electronics.

The creditor’s right to repossess the property usually comes from the credit financing agreement the debtor signs when purchasing or renting-to-own the property.

Laws governing creditor and debtor rights and obligations—including the right to repossess property—vary from state to state and are usually located in a state’s statutes—often in the state’s adopted or enacted version of Article 9 of the Uniform Commercial Code, governing secured transactions.

In Louisiana (LA), repossession of property is governed by the state's statutes, which include provisions from the Uniform Commercial Code (UCC) - specifically Article 9, which deals with secured transactions. When a debtor defaults on a debt, such as by failing to make timely installment payments, a creditor may have the right to repossess the collateral, often without judicial process, if it can be done without breach of the peace. This typically applies to personal property like vehicles, boats, and other items that are financed. The credit agreement signed at the time of purchase or rent-to-own arrangement usually contains a security interest granting the creditor the right to repossess the property upon default. Louisiana law requires creditors to follow certain procedures during repossession, including providing notice to the debtor in some cases and conducting a commercially reasonable sale of the property if it is to be sold after repossession. It is important for both creditors and debtors to understand their rights and obligations under Louisiana's specific repossession laws.