NO PROBLEM. IF the lender will let you sign the loan papers, you ARE responsible till death do you part. DONT DO IT. GIVE them a cheap PAID FOR CAR and let them SAVE to buy their own. Good Luck
You may be able to keep your name off of the title, but the bank will probably insist that your friend also sign the note.
Actually, financing a car for another person is called a straw purchase, and most, if not all finance companies will not allow it if they know it's a straw. In a few states, straw purchases are actually illegal. Before anyone mentions this: Co-signing is not the same as a straw purchase.
You signed away those "rights" when the title was assigned into the name of the former friend. The only way to revert things back on the title, is for the former friend to "sign off" as owner and for you to "sign on" as buyer - then take the ownership document to your local Motor Vehicle office and have the title legally changed to your name.
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