Default takeback Crossword Clue

Today's (6 August 2020) crossword provided to us by L.A. Times Daily and the clue is "Default takeback".
The right answer or rather the best answer listed below:

Understanding Today's Crossword Puzzle

Today's clue "Default takeback" corresponds to the answer "REPO." Here's why this answer fits the clue:

1. Default: In a financial context, default refers to the failure to fulfill a financial obligation or debt. One common scenario where default occurs is when a borrower fails to make payments on a loan.
2. Takeback: To take back something means to reclaim or retrieve it. This action is often associated with repossession in the context of loans or other assets.
3. REPO: The term "REPO" is short for "repossession." It is a financial practice where a lender or creditor takes back possession of an asset that was used as collateral for a loan, typically due to the borrower's default on payment obligations.

Therefore, the answer "REPO" appropriately aligns with the clue "Default takeback" as it directly relates to the action of repossession following a borrower's default on a financial obligation.

 The Crossword clue "Default takeback" published 2 time/s & has 1 answer/s. 

Crossword	Date	Answer
L.A. Times Daily	6 August 2020	REPO