The term 'SEIZED WHEELS' refers to a process known as repossession, which is when a lender takes back an item that was used as collateral for a loan. The four-letter word for this process is 'REPO'. Repossession is usually done when a borrower fails to make payments on the loan and the lender has no other recourse. In the case of seized wheels, the lender has taken back the vehicle that was used as collateral for the loan.