When I am ready to refinance my mortgage, should I take some cash out to pay off my “upside down” car?

I have a 4.7% rate on car loan with 4 more years of payments. I’m upside down about $ 9000 (it was a stupid purchase!). I owe about $ 20k on the car. If I refinance my mortgage to a 30-year fixed (which would be about $ 284,000 at around 6%) and pay off the car, I would save about $ 470 a month (from what I now pay in car and mortgage payments) in the short run. I realize I would basically be extending the car loan to 30 years…

Is this a smart idea or completely stupid like the car purchase???

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