Okay, so... I had been playing for a week or so and after a good 20 minutes of play my car would begin teleporting over to random parts of the tracks.

I just posted this thread to give a solution in case someone had the same problem. After going through every possible problem that it could be, it is your CPU. My CPU was overheating because dust had built up in the fans of my laptop. I cleaned them out and blammo. No more teleporting.

Just an FYI that I hadn't found before.