Help Please. Timing chain slipped..engine destroyed?

[Traveler]

So, I have a little bit of..how do you say it? Ah yes, a problem...

I was driving on the highway the other day and then all of a sudden my display pops up with the words "STOP! ENGINE _____" pixle burnout, couldn't read the end. And then my oil light is blinking like crazy. I get out and the car is making an obvious...very bad noise from the engine. I get a tow back to the mechanic. He checks it out and calls me two days later and says..."I don't really know how to tell you this, but we are pretty sure that the timing chain slipped and it pretty much ruined the engine. You are going to need a used engine which is roughly 4-5,000 or get rid of the car. Or get a second opinion from the BMW dealer."

Now...WTF would you do? What can I do? I still owe $6,700 on the car.

2001 BMW X5 4.4i with 143,000 miles on it.

Is it even worth taking to a dealer?

I'm located in Salem, MA (right next to Boston, MA) if anyone knows anything.

Thanks for the help guys. You can be blunt and just tell me to enjoy the payments on my now imaginary car if that is what the reality is.

-Traveler