Can I be charged with possession of an illegal substance?

Can you be charged? Yes. If they think you were "in possession" of the drugs, you can be charged. In possession means that you had access and control over the drugs. Because the car was in your name may give them the link to the drugs found in the car...

But...

Do I think they'd actually charge you with possession of drugs when you were nowhere near the car when the chase and search happened? Not likely. I can only hope the friend that ran from the police looks nothing like you, giving you an even better defense if you do actually get charged.

Keep quiet about this - that means say absolutely nothing to anyone except a criminal defense attorney in a confidential setting. No text messages, no emails, facebook posts, etc. Assume that anything you say is being read by the police and/or prosecutor's office. If they don't have much of a case now, don't help them by saying something that actually gives them a case.

Presumably, the police would attempt to contact you about the car to determine who had been driving the car, at which time you could present your information and establish your alibi for the time during which this event occurred. On the other hand, sometimes cops react without inverstigating fully, so it would be prudent to consult with an experienced criminal defense lawyer just in case they decide to charge first and ask questions later. Once you are charged, even though innocent, you need to exercise your right to remain silent and let your lawyer do the talking as what he says cannot be turned around and used against you. Good luck.

DISCLAIMER I do not practice law in your State. This answer is provided solely for informational purposes only. This answer does not constitute legal advice, create an attorney-client relationship, or constitute attorney advertising.

If you didn't know about the drugs you might have an excellent defense, but you could still be charged with the offense. You need to speak with a defense attorney ASAP. Under *NO* circumstance should you speak with the police first, even if they call you saying they want "your side of the story." To the extent that Mr. Bailey's answer implied that you should remain silent only after you are charged, I would respectfully but strongly disagree.

Good luck.