What you describe is called "Hindering a Secured Creditor" in most states and ranges from a high misdemeaner to low grade felony. WHY risk it over a car? There are a zillion other cars for sale. How long?? IF the lender goes in the direction, warrants never run out. Think about before you do it.
No you will not be arrested. Turn the car in if you are not going to make the payments. Having you car repossessed is a horrible idea, if there is any way you can avoid it. Talk to the lender and see if you can work something out. Remember you will still owe the balance on the difference in what they sell the car for and what is owed. Plus you credit is ruined for 7 years.
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