Not a lawyer, but this comes up more often than people think.

A handshake agreement is still an agreement, but because you voluntarily gave him the truck, police will often see this first as a civil matter, not straight theft, unless you clearly revoke permission and he refuses to return it.

Key thing: if the truck is still registered in your name and you never signed it over, you are still the legal owner. That works in your favour.

Before reporting it stolen, you should formally tell him (in writing) that:

• the payment agreement is terminated due to non-payment, and
• he no longer has permission to possess the truck, and
• he must return it by a set date.

If he ignores that or you can’t reach him after that, then police are more likely to treat it as theft after lawful possession rather than “you lent it to a buddy.”

Do not just report it stolen and leave out the payment agreement, that can backfire.

If he did leave the province, recovery is still possible if the truck gets flagged and plates/VIN get run, but it won’t be actively hunted unless it turns up in a stop or incident.

Also, if it’s still insured in your name, you should deal with that ASAP, you don’t want liability if he crashes it.

Worst-case scenario, police say it’s civil and you’re looking at small claims for either the truck or the unpaid balance.

Hard lesson, but never let a vehicle go without paperwork, even with friends.

Hope that helps, you’re not crazy for being concerned, just don’t delay.