What is repossessed goods?

Repossessed goods are items that have been taken back by a lender or creditor after a borrower has defaulted on a loan or failed to meet payment obligations. This process typically occurs in cases of secured loans, where the goods serve as collateral, such as cars, furniture, or real estate. Once repossessed, the lender may sell the items to recover the outstanding debt. These goods can often be sold at auctions or through retail outlets specializing in repossessed or distressed merchandise.