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This is limitation of the FAT32 format such sticks up to 32GB are commonly formatted with. The player would need to support exFAT or NTFS for anything larger.
i've had good luck with ext3 sd-cards in my serato mixer.
A lot of car CD players these days will play MP3 CD's -- that's where you save MP3 files on the disk as MP3 data files instead of writing an audio disk that will play in any CD player. 700 Meg isn't 32 Gig, but it will generally hold about 10 hours in MP3 format.