You will likely have a cause of action against your relative to sue him for the damages related to the money you loaned him. However, since you did not name yourself as a lienholder on the title to the vehicle when you sold it to him, you are not in a secured position and will not have the extraordinary remedy of repossessing the vehicle. It is important that you consult with an attorney immediately and let him review your signed contract and analyze the full fact pattern of your case. As is the case with any lawsuit, your failure to file suit prior to the statute of limitations running will result in your claim being forever barred so you should consult with an attorney as soon as possible.
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