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 Missouri, repossession of property is governed by the state's version of Article 9 of the Uniform Commercial Code (UCC), which regulates secured transactions. When a debtor defaults on a secured debt, such as an auto loan or a rent-to-own agreement, the creditor has the right to repossess the collateral property without judicial process, provided this can be done without breaching the peace. The creditor's right to repossess is typically outlined in the security agreement signed by the debtor at the time of the transaction. After repossession, the creditor may sell the property to satisfy the debt, but must do so in a commercially reasonable manner. Missouri law requires that the debtor be given notice of the sale and may allow the debtor the opportunity to redeem the property before the sale. If the sale proceeds do not cover the outstanding debt, the creditor may seek a deficiency judgment against the debtor for the remaining amount.