Repossession is a term that represents taking away an asset when a borrower fails to pay back the loan. In other words, repossession can be considered as seizing the pledged property by the lender. However, the term 'repo' is informally used as a short form of repossession in the finance industry. There are various synonyms for the word 'repo,' which include repos, replevins, distraints, impounds, seizures, foreclosures, levies, and attachments, to name a few. These words represent different legal and regulatory aspects of repossessing an asset based on the context of the situation. Additionally, the use of synonyms is essential to communicate the specific type of asset seizure to the relevant authorities.