The Dallas Cowboys player bragged about his 2015 Dodge Challenger SRT Hellcat years ago ... after he pimped it out with a custom purple and lime green, Joker-style paint job.

But, apparently, the 29-year-old had some issues when it came to making payments -- because the repo man came calling this week in Texas ... and hooked it up to a tow truck.

Interesting, considering Williams has reportedly made close to $13 MILLION during his 6-year NFL career.

We reached out to Terrance's camp for comment -- so far, no word back.

It's not the first time Williams has had drama with a flashy whip -- dude's bright blue $200k Lambo smashed into a light pole in Texas back in May 2018.

Despite the fact cops found the key to the car in Williams' pocket -- he denied being behind the wheel at the time of the crash. He was arrested for public intoxication in that case (because cops saw him drunkenly biking to the crash scene) ... but, that charge was later dismissed.