mine is doing the same....glad i kept the old player from the '99 now! I seem to remember when i first got the player for my old '99 twinnie it was the same and it was a spring that had become detached...i'll need to have a look and see what i find
Found the switch which pushes a plastic bar out that pushes a metal bar to unlock the hold on the Caddy. It seems the switch is broken . Agggrrerr
So one option is to breack off the metal bar, but worried that the cd caddy won't be held in place of course then...
Will post pics tomorrow