[joncrocks]

This depends on the jurisdiction and the agreement you've entered into.

In general:

Lease - Finance company owns the asset, you are obliged to service the payments. You may have an option to transfer title at the end of the period (depending on jurisdiction).

Loan - You own the asset, secured against the asset.

(There are some UK/US-specfic product types due to difference in things like tax law)

Leasing (in general) is popular as it has tax-advantages for smaller businesses/individuals around depreciation, which can lead to good pricing for end lessee.

(source: Made software for the asset finance industry for a decade or so in the UK/EU + US)

[GauntletWizard]

At the time of repossession - You no longer own the asset. It's not like they send the repossession guy out the first time you miss a payment. Repossession happens after the bank has taken you to court (Admittedly, through an expedited process, because this type of claim is so so common), and the repo guy is acting as an agent of the court.

This is the law. It is working as intended. It's also moral - If you enter into a contract to buy something on credit, you should uphold your end of the contract. Specific instances have been wrong, and we can argue the merits of this particular case, but car manufacturers assisting the new owners of assets that have been repossessed in securing their asset is at worst morally neutral.