I was about to take you to task for saying that Abacus doesn't support FS Repaint, but ..... you're technically right - their support pages do NOT have an active link to "support" FS Repaint.  That, believe me, is a mistake.

FS Repaint is one of their best-sellers (EZ-Scenery is another).

I've had/have the problem you're having.  My quick fix is to turn on "software rendering" (under options).  In my case, I've had to revert to older video drivers - but as a result of the newer drivers acting in a completely different non-flightsim game.  Once you turn on software rendering you should no longer have the "FS REpaint cannot display the textures" message.

Caveat  - there are some models that FS Repaint cannot display at all, period.  This may be because the model has some sort of encryption, or something completely different (Rick Piper's HS.748, for example).

A possible fix may be to compare versions, as some minor tweaks are made from time to time.  Check the "About FS Repaint" you should have at least version 1.22 .

Either way, send an e-mail to Adam Howe at Abacus, describing your problem, and version.