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"Franklin and Lamar go to a shady part of Vespucci Beach to repo a bike for Simeon."
―GTA V description at Rockstar Games Social Club.
Lamar: "Ni**a, that's that Apache blood in me, homie. You lucky I ain't do a flying tomahawk and scalp they motherfuckin' ass."
Franklin: "We can't repo the assets of a dead man, "big sitting chief asshole!""
Lamar: "Ni**a, and we ain't going to neither, ni**a. I'm gonna keep this motherfucker for myself. Tell Simeon we couldn't recover it."
—Franklin and Lamar after repossessing the bike.
Repossession is a mission in Grand Theft Auto V, given to protagonist Franklin Clinton by Armenian car salesman Simeon Yetarian from his business in Pillbox Hill.

Mission

Franklin and his friend Lamar are tasked by Simeon to recover a motorbike sold to a gang member who refused to pay. The two make their way to a desolate back alley right next door to Vespucci Beach where Jimenez lives, and search for the bike in a few lockup garages before Lamar starts a gunfight with the owner's friends, the Vagos.
A car enters the compound and crashes, leaking fuel, prompting Franklin to shoot the spillage, setting the vehicle ablaze. Jimenez escapes on the bike, and Franklin and Lamar follow him in pursuit. After Franklin kills him, the duo splits up, Franklin takes the bike and meets with Lamar at the Car Wash in Innocence Boulevard, Strawberry. But in the words of Franklin "You can't repo the assets of a dead man" – so Lamar keeps the bike for himself, knowing that the repossession is now meaningless, only for the bike to become one of Franklin's personal vehicles afterwards.
Following the mission, Lamar finds out that Stretch is being released from prison and notifies Franklin of that.

Gameplay

Go to Vespucci Beach.
After the beginning cutscene, the player has to go to Vespucci Beach with Lamar. The player can choose one of the three parked vehicles outside the dealership, or use their own vehicle to drive to the destination.
Return to Lamar.
If the player at any point gets too far away from Lamar, this objective will appear. If the player doesn't return to Lamar and continues to go further away, the mission will fail.
Follow Lamar.
When the player arrives at the destination, Lamar will exit the vehicle, and the player will have to follow him. The player will need to climb over the fence and walk to the end of the alley. On the way, Franklin and Lamar will encounter a drunk, which can be knocked out by Franklin, resulting in a comment from Lamar, and a truck with two Vagos members inside will pass them both. Causing any sort of disturbance in the alley or smashing the gate will fail the mission.
Search the garages.
Once Franklin and Lamar get to the end of the alley, the player is tasked with searching the garages. There are three garages. Walking up to the door of anyone will make Franklin open the door and attempt to search the garage. To make the mission faster, searching the largest garage will skip the player to the next part of the mission.
Pick up a weapon.
After choosing the right garage and watching the cutscene, the player simply needs to pick up the pistol that is lying on the ground.
Take out the Vagos.
Once the player picks up the weapon, it's time to kill all the attacking Vagos. There will be two enemies at first, it is advised to take cover by the garage exit. After the three enemies are killed, another one will walk up on the scaffolding. The player can either shoot the Vago or shoot the gas tank on the scaffolding, which will blow it up. Next enemy holds a Pump Shotgun, so the player has to be careful as it deals a lot of damage. Once that enemy is down, two more will pop up on the balconies, which can be easily killed by a headshot. Then, a Vagos gang member in a blue Penumbra attempts to drive off but is stopped by Lamar who shoots the gas tank and causes the gas to leak. The player can shoot the gas trail to blow up the car. The final wave of enemies will come out of the alleys and a building. Once these three are killed, the player is clear to exit.
Get the bike.
When the player is near the exit, a Vagos gang member will drive up and turn around. The player can take this short opportunity to shoot the gang member off the bike. Otherwise, the player will have to chase the gang member across the city. If Franklin loses Lamar in the process by leaving him behind, the mission fails.
Get on the bike.
Regardless of the decision, once the gang member is killed/knocked off, the player has to get on the bike. This objective will also appear if, at any point, the player exits or falls off the bike.
Go to the car wash.
Once the player got the bike, all they have to do now is drive to the car wash in Strawberry to complete the mission.