What is my liability as a co-signer regarding repossession and a motorcycle loan?

Question Details:

I co-signed on a boyfriends motorcycle 6 years ago. We broke up and he refused to pay for the motorcycle so I arranged to have the motorcycle picked up as a repossession from the finance company. They then sold the motorcycle at an auction. I recently got a letter saying that  I owe the finance company $10,000. Is there a time limit on how long after the fact they can contact me about this matter. What is the best way to handle this?

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