In that case, the object is said to have achieved terminal speed.

terminal velocity

We will reach terminal velocity just before we hit the ground, then the result of our velocity will be terminal.

Passing the terminal velocity is clearly not possible, otherwise it could not be called the terminal velocity!

The speed at terminal velocity depends on the mass and shape of the object. For example, a sheet of paper will have a very low terminal velocity; the terminal velocity for a man will be much higher.