If the debtor defaults on his agreement with the creditor,one of the creditor's options is to repossess the collateral and then sell it.

If the debtor defaults,the secured creditor may either forget the collateral,and sue the debtor on his note or promise to pay;repossess the collateral,and use strict foreclosure-in some cases-to keep the collateral in satisfaction of the remaining debt;or repossess and sell the collateral,and then,depending on the circumstances,either sue for any deficiency or return the surplus to the debtor.