Repossession of purchased occurs where buyer of the goods break the promise to make an installment. This is very humiliating experience. Repossession of goods affects both in short term and long term as well, but there are options including sell rent back.
The lender of the product takes hold of the product in order to get the unclaimed money. The seller of the product goes for auction and sells for a lower price in a hurry to get the unclaimed amount. Apart from losing the product the buyer may be still liable to pay the out standing debt if the unclaimed amount is not cleared even after sale.
sell to rent back is a very effective way to help the buyer to over come long-term effects but avoiding repossession will save buyer from facing short-term effects as well.