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 Oklahoma, 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 loan, the creditor has the right to repossess the collateral, such as vehicles, boats, or other personal property, without judicial process if it can be done without breach of the peace. The credit agreement signed by the debtor typically includes a security interest that allows for repossession. Creditors must follow specific procedures, including providing notice to the debtor in some cases, and they may be required to sell the repossessed property in a commercially reasonable manner. Debtors have certain rights, such as the right to redeem the property by paying the full debt before the sale, and they may challenge the repossession if they believe it was conducted unlawfully. It's important for both creditors and debtors to understand their rights and obligations under Oklahoma law to ensure that the repossession process is carried out legally.