if you can live without two cars flick the second one at a good price, build up your cashflow buffer, then (re)finance the balance of the X5 to smooth cashflow situation .(don't use your banked cash to pay it off, that would be a little silly, keep the buffer to help repayments and subsidise living costs until you find a new job)..

Back your skills and experience - the market is turning and you will find something to make ends meet. Its easy to panic and feel a bit exposed .. but hold in there - good things will happen. If you were confident enough to buy the X5 in the first place then you must have been backing your market earnings potential etc ..keep that positive thought and attitude and I'm sure work opportuities will present themselves. Talk to the dealer about deferred payments for a few months as part of (re)finance - they ideally will want you to be a happy repeat BMW customer - rather than having you walk away feeling a bit pissed that you took a heavy depreciation loss etc ...

Good luck - hold in there, and put that second car on the market NOW ..