Definition

Relating to the process of taking back property, such as a car, from someone who has failed to make payments.

Example

The repo agent arrived to collect the car after the owner missed several payments.

Conversation

Did you hear about that repo sale happening this weekend?

Yeah, I've heard they have some great deals on cars.

I’m thinking of checking it out, but I'm not sure if it’s worth it.

It could be a good opportunity, especially if you find a reliable repo vehicle.

Synonyms & Antonyms

Definition

A short form for a repurchase agreement, which is a deal where one party sells an asset and agrees to buy it back later, or it can refer to items that have been repossessed due to non-payment.

Example

The bank sold the repo at a lower price to recover some of its losses.

Conversation

Have you heard about the repo sale happening this weekend?

Yeah, I saw that! It's a great chance to find some good deals.

I hope they have some electronics in the repo section.

Root Explanation

This word originates from the term 'repository' (from Latin 'repositorium', meaning a place where things are stored). 'Repo' is a shortened form that refers to a storage location, particularly in computing contexts.

Memory Tip

Think of a 'repository' as a place where things are stored, and remember that 'repo' is just a shorter way to refer to that storage.

Visually Confused Words