How many payments do I have to miss before they can repossess my car? In the state of Texas, you don’t really even have to miss a payment. If you’re late with the payment, the person who’s financing your car can come and get it. If you violate any of the terms of your written financial agreement and you’re in default, your car can be repossessed even if you are up to date on your payments. If your financing agreement requires you to maintain insurance on your vehicle and you fail to do that, that’s grounds to have your car repossessed.