I had a similar scare 4 days after picking up my 04 4.4i. Dashboard lit up like a Christmas tree... turns out that my alternator is on its way out and my voltage fell low enough to sound every damn alarm. Trans Failsafe, 4x4, DSC, ABS... everything EXCEPT the alternator light.

German cars are weird that way. The slightest electrical issue sends their myriad of sensors into a frenzy. I had my old VW in the shop about 8 times.. 7 of those times there was nothing wrong with whatever the car claimed... just false alarms caused by bad / dirty sensors. It's great that the car is monitoring damn near everything for you, but sometimes the cure is worse than the disease.

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'04 E53 X5 4.4i
'05 Mazdaspeed MX-5
'00 Saab 9-3 SE Cabrio