Can bank send legal notice for default in payment of Emis

I given nominee signature to known person for his vehicle finance taken from sriram finance company .he paid some EMI s and stopped some emis .and he is driving his vehicle without paying any insurance and govt taxes.one day police seazed his vehicle put him a fine.so he is not paid any amount to police .that finance company persons came to his home regarding for pending emi then he said to them I don't have a money I'll not pay .then that finance company people went police station collected vehicle.and started send notices to him and us .he is not receiving the notices and rejects .in notice they mentioned amount should be pay in tendays .now that person went somewhere means escaped from City with family he doesn't have any property in his name, house also for rent.that finance company people asking and sending notices to us to pay amount.so is there any solution for us .please help us to solve this problem.that amount is 40000Loantaken on truck auto now that vehicle conditionis usel