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, the process of repossession 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 loan by failing to make timely payments, the creditor has the right to repossess the collateral, which could be personal property such as vehicles, boats, or equipment. The credit agreement signed by the debtor typically includes a security interest, granting the creditor the right to repossess the property without judicial intervention if the debtor defaults. Missouri law requires that the repossession is carried out without breaching the peace, which means no use of physical force or disturbance is allowed. If the creditor fails to comply with this requirement, they may be subject to penalties. After repossession, the creditor may sell the property to satisfy the debt, but they must notify the debtor of the sale and conduct it in a commercially reasonable manner. The debtor may have the opportunity to redeem the property before the sale by paying the full amount owed, including any additional costs associated with the repossession.