See a kcal bankruptcy lawyer. Also, see a business lawyer as soon as possible and bring in the contract. Is e other person willing to get another cosigner or will to refinance?
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I doubt it. Why would the lender let you off the hook after the motorcycle has been delivered?
I am a former federal and State prosecutor and now handle criminal defense and personal injury/civil rights cases. Feel free to check out my web site and contact me at (212) 577-9797 or via email at Eric@RothsteinLawNY.com. I was named to the Super Lawyers list as one of the top attorneys in New York for 2012. No more than 5 percent of the lawyers in the state are selected by Super Lawyers. The above answer is for informational purposes only and not meant as legal advice.
Contact a contract attorney in your area as soon as possible, there may be an opt out provision.
Please do not take my answer to be legal advice that would establish any attorney-client relationship. Please take it as a general response from my own experience in response to your question. I hope you find it helpful.