Short answer is Yes.
Your name is on the title. Your should consult a lawyer and go through the agreement you signed.
If you still have the car, you must pay the instalments. If you cannot afford to continue the instalments, you should try to strike a deal with the finance company to return the car and pay off any outstanding balance to that date of return. Arrange a realistic repayment scheme based on your current income and necessary outgoings - rent/mortgage, insurance, heating, food, taxes, etc. Beer and chips for Monday night football are not necessary outgoings, nor is pay-per-view cable.
If you had a written agreement with your friend to pay the instalments then you can sue the friend for the money you have had to pay out on their behalf.
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