repo

 
Pronunciation: /ˈriːpəʊ/
North American informal

noun (plural repos)

  • 2a car or other item which has been repossessed: I’ve got a repo for you—'85 Maxima

verb (repo's, repo'ing, repo'd)

[with object]
  • repossess (a car or other item) when a buyer defaults on payments: she’s from the collection agency, come to repo the car

Origin:

1960s: abbreviation