Cars are only repossessed when they are used as collateral for a loan and that loan is not kept in good standing, ie. the car loan itself is delinquent.

As a young lad, my Grandfather-in-law accepted a paper route because the newspaper company was giving a free bicycle to new delivery boys. All went well for the first week or so, then he progressively delivered fewer and fewer of the papers, the rest being tossed into a ravine. I don't know if it took the newspaper company weeks or a month to catch up with him, but they repossessed his bicycle pretty quickly.
I am not familiar with any other bike repossession stories. There is financing available for bike purchases (according to signs I have seen at bike shops) but I don't know if the bike itself if the collateral.